Incorrect Profit Liquidation Amount For Accounts using Monthly Avg. Balance
(Doc ID 2721477.1)
Last updated on OCTOBER 28, 2020
Applies to:Oracle FLEXCUBE Universal Banking - Version 12.0.2 and later
Information in this document applies to any platform.
On : 12.0.2 version, Implementation Support
Incorrect Profit Liquidation amount for accounts with profit calculation basis as Monthly average balance
Bank currently has configured the profit calculation basis as monthly average balance at the account class. After PDM calculation Mudabarah rate is getting updated at the acccount udevals table and on the same day after eod system is posting the Liquidation entries againisnt the monthly liquidation accounts.
However when the system is posting the liquidation the ILIQ amount is incorrect and its less compared to the expected.
Example : Account X is opened on 23-sep-2020 with a balance of 2700000. The monthly average balance of the account 2700000.
However during EOD system has considered the balance as below and liquidation amount is going incorrectly.
Expected Liquidation Amount:
Liq Amount ==(2700000*8*0.42773)/(360*100)=256.638
Liq Amount ==(720000*8*0.42773)/(360*100)=68.4368
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