For Unscheduled Paydowns, Booking and Rebook Accounting Events are not Generated
(Doc ID 2522235.1)
Last updated on DECEMBER 04, 2019
Applies to:Oracle Lease and Finance Management - Version 12.1.3 and later
Information in this document applies to any platform.
On : 12.1.3 version,
Find that on Unscheduled Paydown, system is revising Interest Income and Interest Payment Streams and system is also creating dummy Rebook and Booking events in backend for 0 amounts on accept paydown.
Instead of creating dummy Rebook and Booking account event there should be an option to enable real Booking and Rebook accounting event similar to regular Revision process. There is no option to account revised Unbilled Interest Payment and Unearned Interest Income.
Booking accounting entry for all Loan contracts is as follows on original activation.
Unbilled Principal Payment Dr
Unbilled Interest Payment Dr
To Lease Funding Account
To Unearned Interest Income.
On Unscheduled Paydown there is no option to account Unbilled Interest Payment and Unearned Interest Income as per revised amounts.
On Accept Paydown (rebook) there should be Booking and Rebook accounting event to account revised Unbilled Interest Payment and Unearned Interest Income.
The issue can be reproduced at will with the following steps:
1. Select a Loan Contract in Lease Center Agent.
2. Navigate to Requests --> Unscheduled Paydown.
3. Select Revise Payments Radio Button and enter Paydown Date and Paydown Amount.
4. Calculate Payments and select Accept Paydown.
Should pop up success note as "The Principal Paydown Request has been successfully processed and the contract has been rebooked. Please requery the Contract."
Payment schedule updated but whenever contract is rebooked Booking and accounting events should happen but system creating only dummy accounting for zero amount in backend.
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