ECM: Calculation of First Quarter Interest for Variable Rate Deal incorrect (Doc ID 1477153.1)

Last updated on SEPTEMBER 20, 2016

Applies to:

PeopleSoft Enterprise FIN Deal Management - Version 9 to 9.1 [Release 9]
Information in this document applies to any platform.

Symptoms

A Variable Rate Deal was created but calculated interest for the first period (1) quarter is incorrect.  For this Deal, the system calculated 2056.85.  This is not correct.
 
Formula BPD (Bureau of Public Debt) uses:
 
Number of Days / (Number of Days in payment period * (12/3)) * Par Amount * Interest Rate
 
91 / (91*(12/3)) * 5,000,000 * .165 = 2062.50
 
STEPS
1. Enter a Deal with floating rate type
2. Specify Interest Frequency of 'Quarterly'
3. Enter Reset Frequency of "Quarterly'

Cause

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