You can manually initiate contract interest accrual adjustments in order to correct bank errors.
There are 2 adjustment types:
Booking - An adjustment that posts an event that either increases or decreases the balance.
Reversal - A cancellation of the original adjustment by reversing it.
If an adjustment approval limit has been defined, then the adjustment has to be approved by a second user before the adjustment event is posted.
The adjustment limits approval functionality is implemented to support the multi-approval principle which requires that at least one or several people approve a certain activity.
With the limit, you can set a threshold from which additional approval(s) is required. If the adjustment amount entered is greater than or equal to the adjustment limit, then the adjustment must be approved by a separate additional person(s).
You can set the limits for the deposit events that are entered manually in the BackOffice. A limit can be defined for a component, event type and currency. Different types of monetary amounts such as principal, interest, and fees are referred to as components.
No limits mean that there is no additional approval required.
To add a limit, click Add limit. Enter the following details:
Component and event*
List
Component refers to interest (INT) or Principal (PRI).
Select components and events for which manual adjustments are allowed. This is a pre-defined list of codes and code descriptions. You can either increase or decrease the interest rate.
The possible values are:
INT (Interest) - INTEREST_INCREASE (Interest incremental change)
INT (Interest) - INTEREST_DECREASE (Interest incremental change)
Limit amount, Currency*
Number, List
Enter the limit amount. The decimal can be up to 2 digits. Select a currency from the drop-down list.
Channel
The channel code of the adjustment when the limit has to be applied.
By default, the value is BACKOFFICE. This field is non-editable.
You can view the adjustments which require approval from the dashboard or from the Deposit contract details page. You have the option to reverse an adjustment and cancel it. If you have initiated the adjustment or its reversal, you cannot approve the adjustment. This must be done by another user. You can reject the adjustment.
A deposit adjustment booking and reversal can have one of the following statuses:
INSERTED
WAITING_FOR_APPROVAL
PROCESSED
REJECTED
REVERSED
The following diagram shows an overview of the deposit booking flow:
Go to the Deposit adjustment limits page from Deposits > Settings > Adjustment limits. This page displays the adjustment limits records. To edit the limit, click the change icon . You can also delete the limit. If there are no limits available, the No limits found message is displayed.
