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First Pmt Date Can Not Be Less Than Contract Date Error (Doc ID 2858375.1)

Last updated on MARCH 31, 2022

Applies to:

Oracle Financial Services Lending and Leasing - Version and later
Information in this document applies to any platform.


First Pmt Date can not be less than Contract Date Error

When cancelling an insurance product on a precomputed account (ACT accrual method) the error message “First Pmt Date cannot be less than contract date” is often displayed in situations where the bill out was stopped months earlier because the account was moved to a PAID status. Then later it is identified that the insurance product needs to be cancelled or was cancelled for the wrong amount/date. When the user goes in to cancel the insurance product this error message is displayed because the last bill out was month’s prior. The work around is to open the account and leave it open so that the billing job will bill out on the account that night and then the next day the user can go in and cancel the insurance product. However, this is not an acceptable ongoing work around for the users. Please fix this error so that the users can cancel the product without having to do this work around. Please see attached for the scenario and the error received.

System should be able to cancel backdated insurance after the account is PAID-OFF.

The issue can be reproduced at will with the following steps:
1. Select an PAID-OFF account
2. Cancel the Insurance as backdated
3. Verify system should allow posting the transactions

The issue has the following business impact:
Due to this issue, bank unable to cancel the insurance




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