Reset Interest

The Reset Interest form allows you to reset the interest rate on an account with previously calculated interest.

You can restart interest calculations and capture the accumulated interest to date or replace interest amounts.

The Reset Interest form displays today's date as the default date to stop accruing interest. It shows the date of the last transaction posted to the account and the interest accrued and outstanding on the account. You can enter a new interest rate and a new date to restart calculating interest on the account.

Reset Interest form

Please refer to Reset Interest Basics for steps to access this form.

When you Reset Interest, Collect! prompts you to capture the interest accrued to the Stop Date and posts it as a transaction of Type 499.

You must have a Transaction Type 499 in your system to capture the accumulated interest as a transaction. If this transaction type is not in your system, Collect! simply resets the interest but does not store any previous interest information. Please see Transaction Type Sample - Total Accrued Interest for details.

Stop Date

This is the last day up to which the interest is calculated at the old rate. Interest is NOT calculated for the day shown in this field.

Last Transaction

This is the date of the most recent transaction for this debtor. You cannot enter a Restart Date that is earlier to this date. If you need to enter an earlier Restart Date, you will have to first remove the transaction.

Accrued To Stop Date

This is the interest accrued up to the Stop or Paid Date. This amount will be posted to the account as a transaction when you run Reset Interest.

If you are about to enter a Judgement on this account, this will be the total outstanding interest on the account prior to Judgement, provided you Reset Interest BEFORE you enter the Judgement Principal and Judgement Date in Financial Detail.

New Rate

This is the new interest rate that will apply. From the Restart Date forward, interest will be calculated on the account at this new rate. The 'Annual interest rate' field in Interest Detail will display this new rate.

Restart Date

This is the first day of the new interest rate. It should normally be the SAME DAY as the Stop Date. From the Restart Date forward, interest will be calculated on the account at the New Rate displayed in the New Rate field. The 'Calculate interest from date' field in Interest Detail will display this new date.

Collect! will not let you enter a Restart Date that is earlier than the date displayed in the 'Last transaction' field.

Help

Select this button for help on the Reset Interest form and links to related topics.

Cancel

Select this button to ignore any changes you may have made and return to the previous form.

Start

Select this button to Reset Interest according to your settings. The new settings will be applied to the Interest Detail settings for this account. Any accrued interest will be posted to the account as a transaction.

See Also

- Reset Interest Basics - Introduction/Accessing
- Interest Detail
- Transaction Type Samples
- Variable Interest