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+  Collections MAX - Debt Collection Software Forum
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Author Topic: Interest Calculation  (Read 3016 times)
Jim
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« on: April 08, 2013, 01:25:20 PM »

when i imported my first batch of accounts, the interest wasn't calculated from charge off date on each account.  now when i try and run the scheduler to calculate the interest, it doesn't seem to be calculating enough interest on the account.  I loaded the portfolio 3 days ago and set the interest to calculate daily.  Is the interest only being calculated for 3 days?  is there a way to make sure that the interest is being accrued from charge off date without going back and deleting and re-loading the entire portfolio? 
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admin
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« Reply #1 on: April 08, 2013, 01:36:22 PM »

Accounts need interest to be calculated at the time the accounts have been imported....it doesn't do it automatically unless you ask for it.  The update utility is used to update the accounts afterwards... so you do not need to reload.  We sell the utility separately online.

To calculate the interest from charge off....in the Import csv datafile screen in the top menu you would select on the Top menu - Functions / Calculate Accrued Interest from Charge Off Date (using Principal).

Frank
Decca Software Company
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Jim
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« Reply #2 on: April 08, 2013, 01:51:49 PM »

where are these directions found?
To calculate the interest from charge off....in the Import csv datafile screen in the top menu you would select on the Top menu - Functions / Calculate Accrued Interest from Charge Off Date (using Principal).

are they in the update utility?  I have that, but can't seem to find where these directions are located.

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admin
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« Reply #3 on: April 08, 2013, 02:48:32 PM »

It was listed under import menu functions....however it was listed....not much detail.

http://www.collectionsmax.com/docs/importmenufunctions.htm


Frank
Decca Software Company
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Jim
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« Reply #4 on: April 08, 2013, 04:29:51 PM »

So in order to update the interest, i need to use the update utility and import the same file I used to import the accts originally?  Then once I upload the csv file, I only recalculate the interest to be calculated from charge off date?  I don't want to update anything else but the interest, so is that all I need to do?
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admin
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« Reply #5 on: April 08, 2013, 05:08:15 PM »

Or...you could simply delete the portfolio and reimport.  Just make sure you calculate interest before importing.

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Jim
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« Reply #6 on: April 09, 2013, 05:34:19 AM »

that's the last thing that I want to do.  in order to do this using the update utility, just for my own knowledge,, i should only map the interest rates per account, and then calculate the interest from charge off date right?  I shouldn't have any other columns on my csv spreadsheet, just these 2 and then the identifying acct # for a total of 3 columns? acct#, interest rate, and then calculate interest as yes?
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admin
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« Reply #7 on: April 09, 2013, 07:12:11 AM »

To use the interest calculation functions in the update csv data file screen you need the following fields.

Charge Off Date
Interest Percentage (Interest Rate)
Current Balance

If you are calculating it based on Principal you will need that field as well.....along with the account number.

Calculate interest as YES can be selected in the Orange Static screen in the Update Utility...if it already hasn't been selected.  That just tells the scheduler to calculate interest on the account.

Respectfully,

Frank
Decca Software Company
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Jim
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« Reply #8 on: April 09, 2013, 07:22:09 AM »

Great, Thank you!
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