Holiday Treatment

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Holiday Treatment

Holiday treatment

Holiday treatment is the configuration based on which the system moves a due date of a payment schedule to a working date if it falls on a holiday.

The configuration is based on the following two factors:

  • Schedule Adjustment Method: This determines which way the due date should move if it falls on a holiday, to the previous working day or the next.

  • Move Across Months flag: This determines if the scheduled due date can be moved to the next or the previous month in case it falls on the last day or the first day of the month.

Configure the holiday treatment

Prerequisite

A lending product is created.

Note:

For more information, see the Create a Lending Product section of this guide.

Steps

To configure holidays and avoid the due date from falling on that holiday:

Step 1: Define a calendar using the Salesforce Business Hours setup

To define a calendar using the Salesforce Business Hours setup, see the Manage your Company Profile > Configure a calendar/Organization Business Hours Setup section of this guide.

Step 2: Associate the calendar with a lending product

Perform the following steps to add the business hours setup to the lending product:

  1. Select your lending product.

  2. Double click the Business Hours to associate it with a lending product.

Step 3: Configure the movement of the due dates

You can move the due date to a working day if it falls on a holiday and this can be done with the help of the following parameters:

  • Schedule Adjustment Method: This determines which way the due date should move if it falls on a holiday, to the previous or to the next working day.

  • Move Across Months: This determines if the scheduled due date can be moved to the next or the previous month in case it falls on the last day or the first day of the month.

    Double click on these fields to change these. The following image shows these fields of a lending product:

Repayment Due Date change scenarios

The following table describes a few examples in which the repayment due date changes if it falls on a holiday:

Original Repayment Due Date

Move Across Months

Schedule Adjustment Method

Next Due Date

October 31st

Note:

Let's assume that October 31 and November 1 is a holiday so the repayment due date must be moved.

True

Note:

The repayment due date can cross over to the month before or after.

After

Note:

The repayment due date must be moved forward.

November 2nd

Note:

The repayment due date is moved to November 2nd because November 1st is also a holiday.

December 2nd

Note:

Let's assume that December 2nd is a holiday so the repayment due date must change

False

Note:

The repayment due date can cross over to the month before or after.

Before

Note:

The repayment due date must be moved backward.

December 3rd

Note:

The repayment due date is moved to December 3rd because December 1st is also holiday and Move Across Months flag is set to False so it cannot be moved to November 30th.

December 2nd

Note:

Let's assume that December 2nd is a holiday so the repayment due date must change

True

Note:

The repayment due date can cross over to the month before or after.

Before

Note:

The repayment due date must be moved backward.

November 30th

Note:

The repayment due date is moved to November 30th because December 1st is also a holiday and the Move Across Months flag is set to True.

October 31st

Note:

Let's assume that October 31st is a holiday so the repayment due date must change.

False

Note:

The repayment due date cannot cross over to the month before or after.

After

Note:

The repayment due date cannot be moved forward because the next date is a new month and the Move Across Months flag is set to False.

 October 30th

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