The procedure to apply a new interest rate to a sinking fund is as follows:
- Navigate to Quick Menu > Service Charges > Configuration > Interest Rates. The Sinking Fund Interest Rates window is displayed.
- Click on New Interest Rate. The Interest Rate window is displayed.
- Enter the Interest rate percentage applicable to the sinking fund into the field provided. The Up and Down arrows are available to increment or decrement the value, as required.
- Choose an Effective from date for this sinking fund interest rate i.e. the date on which it came into effect
1.
- Choose an Effective to date if the service charge interest rate is to be reviewed on a specific date or to capture a change of circumstances; a blank field means the rate will be continually valid.
- Click on Save 2.
Note
1 The Effective from date defaults to the current system date and cannot be left blank.
2 Only one sinking fund interest rate can be effective at any one time; where overlapping Effective from and Effective to dates are detected, the end user will be asked to affirm the rate that should take precedence.
See related topics...
Sinking fund management overview
To create a new sinking fund for a cost centre
