Loans Amortization Custom Schedule, for Semi-Annual Payment Frequency, Does Not Calculate Subsequent Due Dates Correctly
Last updated on FEBRUARY 23, 2015
Applies to:Oracle Loans - Version 12 and later
Information in this document applies to any platform.
On : 12.1.3 version, Amortization
Amortization Custom Schedule, for Semi-Annual Frequency, does not calculate the correct Subsequent Date (15 Mar-15 Sep).
Instead, it calculates as 15-Mar-14-Sep.
The Amortization Schedule is wrong due to this logic.
All due dates of Amortization schedule should have same start date.
Steps to Reproduce:
1. Create a Loan with Payment Frequency = Semi-Annually, with Term Start date = 01-Apr-2014 for 60 months
It will create Amortization schedule with Due dates as 1-Apr-2014 ,1-Oct-2014, 1-Apr-2015 , 1-Oct-2015 and so on.
2. Go To: Amorization > Custom Schedule
3. Check Shift Subsequent Due Dates
Change 1st Due Date to 15th Sep 2014
4. Now the 1st Due date is 15th Sep 2014
But subsequent dates are:
16-Mar-2015 ,15-Sep-2015, 16-Mar-2016 and so on.
Sign In with your My Oracle Support account
Don't have a My Oracle Support account? Click to get started
Million Knowledge Articles and hundreds of Community platforms