Penalty Rate Maintenance Function - Fields Description

At this function, user will come across various fields or columns that needs to be maintained with relevant data.

The descriptions of the respective field or column, are as follows:-

Account Information (Panel)

Please Enter Search Value

This is the value to be used to search for the related account record.

Note: If the value inputted into this field is relating to Account No., Name, or ID No., click once on the related Account No., or Name, or ID No button, accordingly.

Account No.

This is the button to be clicked once, to search and retrieve the relevant account records.

Note: Click once on this button if the value inputted at the 'Please Enter Search Value' field is relating to existing account number.

Name

This is the button to be clicked once, to search and retrieve the relevant account records.

Note: Click once on this button if the value inputted at the 'Please Enter Search Value' field is relating to existing customer names.

ID No.

This is the button to be clicked once, to search and retrieve the relevant account records.

Note: Click once on this button if the value inputted at the 'Please Enter Search Value' field is relating to existing Customer IDs.

  • This panel will pop upon the function screen opened.

  • The purpose of this panel is for user to search for the relevant credit facility account record.
Accounts Search (Pop-Up Window)

Please Enter Search Value

This is the value to be used to search for the related account record.

Note: If the value inputted into this field is relating to Account No., Name, or ID No., click once on the related Account No., or Name, or ID No button, accordingly.

Account No.

This is the button to be clicked once, to search and retrieve the relevant account records.

Note: Click once on this button if the value inputted at the 'Please Enter Search Value' field is relating to existing account number.

Name

This is the button to be clicked once, to search and retrieve the relevant account records.

Note: Click once on this button if the value inputted at the 'Please Enter Search Value' field is relating to existing customer names.

ID No.

This is the button to be clicked once, to search and retrieve the relevant account records.

Note: Click once on this button if the value inputted at the 'Please Enter Search Value' field is relating to existing Customer IDs.

<Accounts Listing> (Sub-Panel)

Account No.(Status)

This is the system generated unique reference number of the respective credit facility account and the related status of the account, e.g., A - Active.

Name

This is the customer name of the main holder of the account.

ID No.

This is the unique identification number of an individual (as in a person).

Reln

This is the code and description of the customer-account relationship.

The options that can be displayed, are as follows:-

  • M - Main Holder

  • G - Guarantor

Product Description.

This is the credit facility’s code and name of the product contained in the account.

  • This window will pop up, after user has clicked once on one of the available search criterion buttons, located at the <Account Information> panel, when there are more than one record found.

  • The purpose of this window is for user to select a relevant account record found.
Account Information (Panel)

Customer Name/ Customer ID.

This is the main holder’s customer name, and the related Customer ID number.

Account No.

This is a system generated credit facility account number.

Product

This is the currency code and product code with the related brief product description of the credit facility account.

Account Info

This is the brief details of the account, of which presently it is the status of the credit facility account, e.g., A - Active.

First Release On

This is the date that first disbursement of the credit facility has been performed on the account.

Tenor

This is the credit financing term of the credit facility, e.g., 108 By Month.

Expiry Date

This is the last date of the facility, and rightfully the last date that full repayment of the facility is to be made.

  • This panel will be displayed, after user has clicked twice on an account record at the Accounts Search pop-up window.

  • The purpose of this panel is for user to view the details of the selected Account record.
<Penalty Rate Maintenance> (Panel)

Charge Type

This is the type of the late charge or penalty.

The options, are as follows:-

  • Late Charges/ Compensation

  • Penalty Charges

Note:

  • Only one late charge, or penalty scheme can be created for each charge type.

  • The possible options that can be displayed in this field is dependent on the options made available in this function, based on arrangement made during system implementation stage.

  • The number of late charge or penalty schemes that can be created in this function, is restricted by the number of charge types made available in this function.

  • Presently, both of the above charge types will raised similar accounting entries using the same set of General Ledger (GL) accounts that are pre-maintained at the product’s GL set tagged to the product of the selected credit facility’s account.

Scheme Code

This is the code associated with the respective late charge or penalty scheme.

Ccy

This is the currency, e.g., MYR - Malaysian Ringgit of the respective late charge or penalty scheme.

Charge Method

This is the method to be used to calculate the late charge or penalty.

The options, are as follows:-

  • Fixed Amount

  • Other Rate

  • Fixed Rate

  • Prevailing Rate

Note: The possible options that can be displayed in this field is dependent on the options made available during system implementation stage.

Charge On

This is the base amount to be used to compute the late charge or penalty of the selected credit facility account.

The options, are as follows:-

  • Amount Overdue

  • Amount Overdue (P only)

  • Total Principal O/S

  • Not Applicable

Note: The possible options that can be displayed in this field is dependent on the options made available during system implementation stage.

  • This panel will be displayed, after user has clicked twice on an account record at the Accounts Search pop-up window.

  • The purpose of this panel is to allow user to view the list late charge or penalty schemes that have been maintained for the selected credit facility account.
Penalty Rate Details (Pop-Up Window)

Charge Type

This is the type of late charge or penalty scheme.

The available options, are as follows:-

  • LC - Late Charges/ Compensation

  • PTY - Penalty Charges

Note:

  • Only one late charge, or penalty scheme can be created for each charge type.

  • The possible options that can be selected in this field is dependent on the options made available in this function, based on arrangement made during system implementation stage.

  • The number of late charge or penalty schemes that can be created in this function, is restricted by the number of charge types made available in this function.

  • Presently, both of the above charge types will raised similar accounting entries using the same set of General Ledger (GL) accounts that are pre-maintained at the product’s GL set tagged to the product of the selected credit facility’s account.

Ccy

This is the currency, MYR - Malaysian Ringgit of the respective late charge, or penalty scheme.

Scheme Code

This is the code associated with a late charge or penalty scheme to be tagged to the selected credit facility account.

Note: The available late charge or penalty scheme codes, can be defined using the 'Late Charges Scheme' function.

Charge On

This is the base amount to be used to compute the late charges or penalty.

The available options, are as follows:-

  • Amount Overdue

  • Amount Overdue (P only)

  • Total Principal O/S

  • Not Applicable

Note: The options that can be selected in this field is dependent on the options made available during system implementation stage.

Charge Method

This is the method to be used to calculate the late charge or penalty.

The options, are as follows:-

  • Fixed Amount

  • Other Rate

  • Fixed Rate

  • Prevailing Rate

Note: The possible options that can be displayed in this field is dependent on the options made available during system implementation stage.

Grace Day

This is the days interval of which late charge or penalty will be imposed, after this period.

Margin Type

This is the type of the cost of the borrowing rate to be imposed on top of the base rate, as late charge or penalty to the selected credit facility account.

Presently, only the 'Absolute' option is available.

Note: The available options that can be selected in this field is dependent on the options made available during system implementation stage.

Other Margin Type

This is the cost of the borrowing rate type to be imposed on top of the base rate, as late charge or penalty to the selected credit facility account, for the 'Other Rate' charge method.

Presently, only the 'Absolute' option is available.

Note: The available options that can be selected in this field is dependent on the options made available during system implementation stage.

Fixed Rate

This is the base rate to be used for the computation of the late charge or penalty of the selected credit facility account, for the 'Fixed Rate' charge method.

Note: This field will only be enabled if the selected charge method is 'F - Fixed Rate'.

Other Margin Rate

This is the cost of the borrowing rate to be imposed on top of the base rate, as late charge or penalty to the selected credit facility account, for the 'Other Rate' charge method.

Note: This field will only be enabled and mandatory for input if the selected charge method is 'Other Rate'.

Margin Rate

This is the cost of the borrowing rate to be imposed on top of the base rate, as late charge or penalty to the selected credit facility account, for the 'Prevailing Rate' charge method.

Note: This field will only be enabled if the selected charge method is 'P - Prevailing Rate'.

Minimum Amount

This is the minimum amount of late charge or penalty to be charged or waived (dependent on the option selected at the 'Waive/ Charge Amount' field) in the event that the late charge or penalty amount is less than the minimum amount maintained.

Fixed Amount

This is the amount to be charged as the late charge or penalty, for the 'Fixed Amount' charge method.

Note: This field will only be enabled if the selected charge method is 'Fixed Amount'.

Other Rate Code

This is the rate code to be used for the computation of the late charges or penalty for the 'Other Rate' charge method.

Note:

  • This field will only be enabled if the selected charge method is 'Other Rate'.

  • The rate code options that can be displayed in this field for selection can be pre-maintained using the 'Financing Rate Code' function.

Waive/Charge Minimum

This is an indicator whether the system is to charge the minimum late charge or penalty, or waive the actual late charge or penalty, in the event the actual late charge or penalty amount is less than the minimum amount maintained.

The available options, are as follows:-

  • C - Charge

  • W - Waive

Note: This field will only be enabled for data input after user has inputted the value for the 'Minimum Amount' field.