This is not for an ISU but rather FICAx. I can not locate the FICAx sub-area in SCN.
My scenario: The loan monthly A/R is a planned A/R to the customer. If the customer pays early or late, then the split of principal/interest is modified at payment time.
I have an external billing system that is submitting a monthly item and a billing document is generated in FICA of 1,000.00 due on 6/1/2014
Payment rec'd for 1,000 on 6/20/2014 (interest must be calculated from 6/1 to 6/20)
There must be entries posted to principal and interest at time of payment and the amount that it will be at billing time versus payment time will 90% of the time be different. This is why there are not multiple A/R postings at billing. I was trying to reduce the complexity of splitting in billing, then reversing and recreating new docs when the payment arrives based on the new interest/principal split.
My solution is a bit transaction verbose:
1. we create a one line item FICAdoc of $1000 for due 6/1/2014
2. payment comes in on 6/20/2014
a. calculate the interest due at this time
b. determine the split between interest and principal
c. create the new A/R documents with their unique main/sub to post the newly determined split of principal & interest
d. perform clearing which will apply the payment according to clearing variant interest first, then principal.
Any suggestions from the FICA experts?
Many Thanks