🌟 Flexible Interest Waive-Off on Loan Accounts

ByAmiri Sadiki Likati

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

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