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The Interest Refund event provides the ability to have the system calculate an Interest Refund amount from the Notification Date to the current date. Interest is calculated on the accounts current rate and can be either computed as simple interest or compounding.

 

Upon selecting the event, the calculation dialog box will open which will calculate the interest due based on the current rate of the account and the type of interest (daily compounding or simple interest) for the entered dates.  The user clicks on the Calc button after selecting the Interest Type, and the Interest calculated will appear in the Interest Refund box.

 

 

See Events /Interest Refund for details on how to configure the event.