Dividend/Interest Calculator

Screen ID:  n/a images\1256g_shg.gif
Screen Title: CU*BASE Math Calculator
Panel ID: 1256
Tool Number: 345
    Click here to magnify

Access this screen by selecting Tool #345 Dividend/Interest Calculator (Shortcut: calc). This tool also appears when using "Dividend Interest Calc" (F2) on the Member Account Adjustment screen.

One of the trickiest parts about making an adjustment to a member's account is when interest/dividend amounts are involved. How do you calculate the exact amount of interest or dividends that should be adjusted?

Some examples:

  • A loan payment drawn on a local bank is received in the mail and posted to a member's loan account. Two days later the CU receives notification that the check has bounced. When backing off the loan payment from the account, the CU must determine the interest correction amount for the two-day period.

  • A member mails a large deposit with instructions to post it to his share account. Two weeks later when the member receives his statement, he discovers the amount was posted to his checking account instead. In order to correct the error, the CU must transfer the funds as well as the amount of interest that would have been accrued in the share account over the two-week period.

In both cases, the Dividend/Interest Calculator will be used to determine the amounts needed to complete the Member Account Adjustment screen.

When "Dividend Interest Calc" (F2) is used on the Account Adjustment screen, the Calculator will automatically display the current month. The current date will be highlighted and flashing. Use "Previous Month (F9) and Next Month (F10) to display different months as necessary.

  • NOTE: The Current rate and Int calc type fields displayed in the upper-right corner of the window are taken from the current dividend application configuration (for savings products) or member account record (for certificates and loans). Remember that if the rate used by this account was changed at some point in the past, this may or may not be the appropriate rate to use when performing your calculations.

Use the fields on the right side of the window to enter the details for performing the calculation: start and end dates, the amount involved, the interest or dividend rate, and the calculation type to be used. Following are valid calculation types:

  • Loan - Use this when calculating interest amounts for an adjustment involving a loan account.

  • Simple - Use this when the adjustment involves a share or certificate account that is configured for Simple Daily dividends.

  • Compound - Use this when the adjustment involves a share or certificate account that is configured for Compounded dividends.

When all fields have been completed, use Enter to calculate the fields at the bottom of the window: Dividend or interest amount (which can then be used in the adjustment process), the number of days between the Start and End dates, and the Daily Per Diem dividend or interest amount.