Repayment
- Matthew Garrett
The Repayment Schedule screen shows a summary of the application and detailed information on every payment for the term of the application, an amortisation schedule, and indicative payout figures.
Calculations for the Columns are as follows:
Column | Calculation |
|---|---|
Weekly/Fortnightly/Month | The date (month/fortnight/week) column shows the repayment number and the date it is due. This due date is determined based on the settlement actual date, forecast date, or today if no settlement information is available. |
Payment | Net repayment amount. |
Account Fee | Account fee for each repayment. |
Principal | This is the portion of the repayment that is reducing the principal. |
Interest | This is the interest portion of the repayment. |
Balance (exc. Stamp) | This is the Total Net Repayments plus Net Residual less the Monthly Repayments to date. |
Actuarial | If the Brokerage is hidden, Actuarial is the Amount Financed (excluding brokerage) less the Principal. If the Brokerage is exposed, Actuarial is the Total Amount Financed less the Principal. Note: if this is a Lease, 10% is added for GST. |
Rule of 78 | This is the payout based on the Rule of 78 calculation. If the Brokerage is hidden, Actuarial is the Amount Financed (excluding brokerage). If the Brokerage is exposed, Actuarial is the Total Amount Financed. Note: if this is a Lease, 10% is added for GST. |
Note: Each line in the table shows a repayment, after each June payment there is a summary row showing the totals for the financial year to date.
To Print the Amortisation Schedule
- Click the Printer icon (
) in the toolbar. The Reports - Repayment Schedule dialog will be displayed. - Select the required Amortisation Schedule.
- Click the Preview or Print button.
IMPORTANT CONCEPTS
- The Hide Brokerage? field option is used to toggle whether the brokerage amount is displayed on the schedule.
- The Amortisation Schedule has been updated so that:
- If repayments are in advance, the first repayment has no interest portion on it.
- If repayments include the residual as the last payment in the term then Calculations have been changed to disperse interest correctly.