System does not prorates the payment amount when the contract date is in the middle of the month and first payment date is first of every month for arrears method (Doc ID 2924544.1)

Last updated on JANUARY 31, 2023

Applies to:

Symptoms

ACTUAL BEHAVIOR
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Fiscal period calculations as mentioned in the screen shot and expected the prorated values. But the system is not giving the prorated values. attached the results also. Please check the same.

System does not prorates the payment amount when the contract date is in the middle of the month and first payment date is first of every month for arrears method


EXPECTED BEHAVIOR
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Calculate as per the Fiscal period consideration, due(amortized) is not prorated as per the no of days or months. In such case the due amount generated should be prorated according the no of days or months. This is working for yearly cased, but not working for monthly or quarterly.

System should prorate the payment amount when the contract date is in the middle of the month and first payment date is first of every month for arrears method

STEPS
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The issue can be reproduced at will with the following steps:
1. Go to lease calculator
2. Input the contract values. e.g 15th Dec 2021 and First payment date 01/01/2021. with Monthly payments for 60 terms. Chose the Arear method
3. Calculate and check the first due generated for 16 days( for the period 15th dec to 31st dec) is not prorated accordingly. The due amount is monthly amount(30 days)
4. Repeat the steps for quarterly and check the values

Changes

Cause

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