You can set up a penalty type service, you can determine how to calculate penalty.
This is a list of the different penalty types that you can assign to a penalty type service. Each penalty type calculates penalty in a different way.
Simple calculation. This is the default setting.
Forfeiture of discount
Lesser of simple or forfeiture
Simple plus forfeiture
Extra. Calculates an additional penalty during the same period
Applies payments to current billings before applying payments to arrears
Applies payments and credit billings to current billings before applying payments to arrears
Calculates penalty based on loan balance
Updated 09Oct2017
1. Open Connect Utility Management > Organization > Services.
2. Look up a penalty service and then press Enter.
The penalty service displays.
3. Use the Penalty Type drop-down list to select a calculation method.
The Penalty Type field is located on the Service tab. Click here for to view a description of each penalty type. If you're not sure, select 0 (zero) to use a simple calculation as the penalty type.
Penalty Type menu
4. Click Save (CTRL+S).
The penalty type service will use the selected calculation method to calculate penalty.
Updated 12Dec2017
1. Open Connect Utility Management > Organization > Services.
You can find the Penalty Type field on the Service 1 tab.
2. Use the Penalty Type drop-down list to select a calculation method.
If you're not sure, select 0 (zero) to use a simple calculation as the penalty type.
The penalty type service will use the selected calculation method to calculate penalty.
09Oct2017
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