🌟 Flexible Interest Waive-Off on Loan Accounts
Managing loan interest just got easier! Our latest enhancement introduces a flexible interest waive-off feature, allowing users to waive interest at any stage—accrued, unaccrued, or total—directly from the loan details interface.
✅ 1. Waive Interest Anytime
You can now waive:
- Accrued Unpaid Interest
- Unaccrued Interest
- Total Interest
📍 Access Path:Accounts → Loans → Loan Details → Waive Off Interest
🧾 2. Waive Off Interest Popup
When you click on the Waive Off Interest button, a popup appears showing:
- 🔹 Accrued Unpaid Interest
- 🔹 Unaccrued Interest
- 🔹 Total Interest
✍️ Action:
Enter the waive-off amount (up to the value of Total Interest). The system will automatically validate the amount.
⚙️ 3. System Behavior & Validation
Upon submission:
- 📌 The waived interest updates both the Loan Account and Loan Schedule.
- ✅ The system ensures the amount entered does not exceed the total interest available.
💼 Accounting Impact
- If accrued interest is waived:
- A reverse accounting entry is automatically generated.
- This entry is visible under both the Accounting and Transaction pages for full audit tracking.
💡 Benefits:
- Simplifies interest adjustments
- Enhances financial control and transparency
- Fully automated accounting alignment