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In the above screen, highlighted fields will be considered to include or exclude the BNPs while calculating BSTFC. For Example: INT ON INT field is having value of 0, means dont include Interest component while calculating BSTFC. One more setting which will affect BSTFC calculation is INT START DB (marked in yellow color in the above screen shot). This field will tell us when to start accruing interest on the Debit transaction. Values are S T P G D = = = = = Cycle date (after billing) Transaction date (effective date of the transaction) Posting date of the transaction (Default) Greater of the transaction date or the cycle date Day after the payment due date.
Now a transaction effective date is 3 days prior to the Posting date of transaction. While calculating BSTFC field value, transaction amount will be multiplied with 4(including effective date) and accrue interest on the resulted amount. Find below example for the Interest calculation for a particular Plan. STAUS of the account before batch ACCOUNT No: 0005193931002304600
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Plan : 10002 Beginning BAL: 65.55 Current BAL : 65.55 BASE RATE : 0.1840000 Principal : 63.21 Interest : 2.34 (interest that is charged in the previous cycle) PLAN AGGR BAL: 1453.83 Accrued Int : 0.7314 Find below the screen shots of the ARQA Screens where you can see the above balances
ARQA ( ORG 101 HSBC CANADIAN YUKON CENTERJKB1 PAGE 03 09/12/2006 CREDIT PLAN SEGMENTS 22:36:16 ACCT 0005193931002304600 PLAN 10002 RETAIL PLAN ROOTS WESTVANCOUVER BC 65.55 0.00 0.00 65.55 0.00 )
ARQA (
HSBC CANADIAN YUKON CENTERJKB1 PAGE 04 09/12/2006 CREDIT PLAN SEGMENT CTD/BNP 22:36:29 ORG 101 ACCT 0005193931002304600 PLAN 10002 RETAIL PLAN CURR BALANCE 65.55 ROOTS WESTVANCOUVER BC CTD COMPONENTS CTD AMOUNT BNP AMOUNT PRINCIPAL 0.00 63.21 Principal Amount INTEREST 0.00 2.34 -> Interest charged in INSURANCE 0.00 0.00 last cycle NSF FEES 0.00 0.00 SERVICE CHARGES 0.00 0.00 LATE CHARGES 0.00 0.00 ANNUAL FEES 0.00 0.00 OVERLIMIT FEES 0.00 0.00 RECOVERY FEES 0.00 0.00 COLLECTION FEES 0.00 0.00 USER FEE 1 0.00 0.00 USER FEE 2 0.00 0.00 USER FEE 3 0.00 0.00 USER FEE 4 0.00 0.00 USER FEE 5 0.00 0.00 USER FEE 6 0.00 0.00
ARQA (
HSBC CANADIAN YUKON CENTERJKB1 PAGE 05 09/12/2006 CREDIT PLAN SEGMENTS 22:36:56 ORG 101 ACCT 0005193931002304600 PLAN 10002 RETAIL PLAN OPEN DATE 08/19/2005 DATE LAST MAINT 00/00/0000 PAID OUT DATE 00/00/0000 AMT LST PYMT 195.91 ADD ON FLAG Y LST PYMT DATE 04/17/2006 PLAN TYPE / RTOI R / 02 PMT LST REQ 10.00 PCT LEVEL / ID O / BC1 CONS: STMT/PYMT FLAG N Y RATE CHG EFF DATE 00/00/0000 FIX PAYMENT AMT 00000000000 DISCLOSURE DAYS 000 PMT HIGH BAL 00000000000006555 LST INT TBL/RIT USED 002 / 000 PLAN HIGH BAL 00000000000366090 TRANSFER FROM LOGO 000 PYMT TYP/MNT DT C 00/00/0000 RATIFICATION LEVEL CTD PAYMENTS 0.00 RATF METHOD / INT TBL / 000 PS TOTAL DUE 20.00 INT ACCRUAL METHOD D ACCRUED INT .7314 -> Accrued int, Daily updated ITO STATUS/OVERRIDE / 000 AGGR DYS/AMT 23 / 1453.83 AGGREGATE PLAN BAL ITO EXPIRATION DATE 00000000 REF #
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Now in batch, a debit transaction is being posted with the amount of 150.00 to the account. Below are the field level details after processing the transaction, BATCH DATE: 2006179 Effective date of transaction: 2006176 Transaction amount: 150 (debit) ACCOUNT No: 0005193931002304600 Plan : 10002 Beginning BAL: 65.55 Current BAL : 215.55 BASE RATE : 0.1840000 Principal : 150(CTD) + 63.21(BNP) Interest : 2.34 PLAN AGGR BAL: 2117.04 Accrued INT : 1.0656 Now we will see how the Accrued interest field getting updated, The difference of the change between accrued interest filed before batch and after batch will give the interest that was accrued in todays batch. i.e. 1.0656-0.7314 = 0.3342(Interest accrued in todays batch)
Interest calculation: Basic formula for calculating Interest is Interest = BSTFC * rate of interest * year base Rate of interest in this case is 0.1840000 and Year base is 0 (that is 365 0r 366 depending on the year) If it is non leap year the value will be 1/365 = 0.0027397. BSTFC calculation: BSTFC = 63.21+ (include any BNPs basing on settings) + CTD principle*no of days from effective date) In our case the transaction date is 2006176 & this was posted on 2006179. But our setting
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INT START DB says start calculating interest from effective date. So while calculating interest we need to consider from effective date for that transaction. Here it is 4 days. So our BSTFC will become BSTFC = 63.21+150*4= 63.21+600 = 663.21 Now we have all the fields required for calculating interest. ACCRUED INTEREST = BSTFC * RATE * YEAR BASE = 663.21 * 0.1840000 * 0.0027397 = 0.3343227 This value will be added to Accrued interest field (value in ARQA05 screen.) The value before batch is 0.7314 Now it will be 0.7314 + 0.3343227 = 1.0657(approx) This BSTFC will be considered to calculate the interest and the same will be added to the PLAN AGGR BALANCE. AGGR BAL filed contains 1453.83 before batch and it becomes 2117.04 after the batch. AGGR BAL = 1453.83 + 663.21 = 2117.04
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ARQA (
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