Defining financial calculator 4.0 version
The Financial Calculator is used for the Payment computations and Repayment/Amortization schedule generation. This new enhanced financial calculator ensures the following:
Repayment/Amortization schedule generations are faster, irrespective of the tenor and frequency of the loan.
Multiple payment amount calculations for different payment amount attributes are faster.
The Financial Calculator has been upgraded to a higher version from 3.1 to 4.0.
This enhanced Financial Calculator is by default available with all new installs of Q2 Origination from the August release. This upgrade is optional for existings user, to upgrade, contact your Q2 contact point.
Enable FinCalc 4.0 at the Org Level
As a new FI, you can enable the new version of the Financial Calculator at the org level.
To enable the Financial Calculator (FinCalc) version at the org level to 4.0, follow the steps:
Log in to your Salesforce account.
Go to Setup > Custom Settings > the Org Parameters (genesis) > Manage > Edit.
Specify the Financial Calculator Version as 4.0, and select Save.
We would recommend you to switch to FinCalc 4.0 only once all your expected calculation use cases are supported by FinCalc 4.0. For more information, contact our support teams.
The PV Method of Calculation and Rounding Method Calculation is used in Financial Calculator. For more information on the used methods, contact our support teams.