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Error In Calculation With Leap Year In SE Module (Doc ID 2992632.1)

Last updated on DECEMBER 15, 2023

Applies to:

Oracle FLEXCUBE Universal Banking - Version 12.3 and later
Information in this document applies to any platform.

Goal

We have security with convention ACTUAL/ACTUAL,
For 366 days we choose leap year and expectation is that system calculates coupon interest and respective accrual with 366 days in 2024. However, system is calculating accrual with 365 days in 2024. 

select to_date('15-MAY-2024','DD-MON-RRRR') - to_date('15-MAY-2023','DD-MON-RRRR') "denominator" FROM DUAL; --366

Manual calculation  (accrual using Interest_Rate as 3.125 from 15-MAY-2023 to 29-NOV-2023 i.e.,198 days)

select 1000000*3.125*198/365 from dual; --1695205.48 as per Flexcube

select 1000000*3.125*198/366 from dual; --1695205.48 as per BANK


 

Solution

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In this Document
Goal
Solution


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