Configure a calendar/Organization Business Hours setup

Calendar/Organization Business Hours setup

A calendar is the Organization Business Hours setup in CL Loan. In the Organization Business Hours setup, you can configure the business hours and the holidays of your organization.

Business Hours

The CL Loan package provides the default business hour definition, however, you can modify this as per your operations, and also create additional definitions. For example, you can create additional definition such as business hours for your sales team. The default business hours definition specifies 24 hours daily as the business hours.

Business hours do not impact the system processes such as the running of batch jobs. However, they impact CL Loan functions and schedules. For example, if you define Sunday as a holiday instead of a working day, it affects the payment schedule calculation, if the latter is set to consider only working days. A change to the business hours only affects new contracts that you create. Any schedules already created for existing contracts are not refreshed due to a change in the business hours. 

The business hour definition that you select as the default definition for the organization is applied to all users defined within that organization. 

To configure business hours in a calendar, see Define the Business Hours.

Holidays

In CL Loan, holidays are defined in the Business Hours setup of your company. You can create your organization's holiday list in Salesforce. The holiday list plays a vital role when the loan repayments falls on these days. By applying the holiday treatment on any repayment due dates, the system moves any repayments that fall on a holiday to a working day. To know how to apply the holiday treatment, see Holiday Treatment.

To configure holidays in a calendar, see Configure a Holiday.

Configure the calendar/Organization Business Hours setup

Prerequisite

The following is the prerequisite to configure the calendar or the organization's business hour setup:

• A Salesforce account is created.

Steps

Perform the following steps to create a new calendar or the business hours setup for your organization:

Step 1: Define the Business Hours of the calendar.

Step 2: Add Holidays to the calendar.

Step 3: Save the calendar.

Step 1: Define the Business Hours of a calendar

Perform the following steps to create new business hours for your organization:

1. Log in to your Salesforce account.

2. Click your  Username.

3. Click  Setup.

4. Go to  SETTINGS >  Company Settings >  Business Hours. The  Organization Business Hours page is displayed as shown in the following image:

   

5. Click  New Business Hours.

   The  Organization Business Hours page is displayed as shown in the following image:

   

6. Specify the  Business Hours Name. For example, Sales Hours.

7. Select the Active checkbox to enable the business hours.

8. Select Use these business hours as default checkbox to set these as the default business hours.

9. Select the required Time Zone. 

10. Select the 24 hours checkbox next to each day to select the business hours for each day of the week.

11. Click  Save.

    The Organization Business Hours page displays the defined business hours details as shown in the following image:

    

Step 2: Add Holidays to the calendar

Perform the following steps to add a holiday to this calendar:

1. Click the created business hours created as in the preceding Step 1.

   The following Organization Business Hours page is displayed:

   

2. Click  Add/Remove to add a holiday to the Business Hour setup. The following Holiday for Business Hours page is displayed:

   

3. Click  Create New Holiday to create a new holiday to be added to the Business Hours setup. The following Holiday Detail page is displayed:

   

4. Specify the Holiday Name. For example, 2nd Saturday or Christmas.

5. Add a Description, if required.

6. Specify the Date on which the holiday falls. 

7. Select the All Day checkbox to set up the holiday.

8. Select Recurring Holiday to set up a repeating schedule for this holiday. If this is selected, then select the following:

   1. Select the required Frequency. The options are Daily, Weekly, Monthly, or Yearly.

   2. Specify the recurrence schedule. For example, for declaring the second Saturday of every month as a holiday, specify the Frequency as: Monthly, and On the 2ndSaturday of every number of months.

   3. Click  Save. The  Holiday Detail page is displayed with the holiday details set up by you.

   4. Specify the Start Date.

   5. Specify the End Date. If you have defined the number of occurrences already, then this is not required. Select the No End Date checkbox if no end date is to be set up.

   6. Click  Save. The Holidays page is displayed with the holiday details as shown in the following image:

      

Step 3: Save the calendar/Organization Business Hours setup

Click Save to save this configuration for the Business Hours setup.

The following  Organization Business Hours page is displayed with the added Holiday:

Thus, the calendar with the business hours and holidays is now defined.

You can have more than one calendar or Organization Business Hours setup defined as shown in the following image:

Create Business Hours with the name BANK for consideration of working days only for Days in Advance To Create File and Lock Period

From the Platinum patch (3.6019.118) version onward, if you want the Days in Advance To Create File and Lock Period for ACH payment creation and clearing respectively to consider only the business days or working days, then you need to create the default Business Hours with the name BANK.

For Days in Advance To Create File for APS payment creation

Action to be taken

The LPT for Automatic Payment Setup must get created after considering working days only when Days in Advance To Create File is defined. To ensure this, when you create the Business Hours in the Setup, you must create it in the name of BANK.

Reason

The system requires that you create the Business Hours in the name of BANK. This will ensure that all customers follow one Business Hours named BANK and the ACH can follow the BANK Business Hours to consider only working days for the payment creation. If the Business Hours are not created with the name BANK, the ACH will consider it as normal calendar days to create the payment creation.

Example

To understand this, let us say that in Custom Settings > ACH Parameters, the Days in Advance To Create File is set to 3, then the Loan Payment Transaction (LPT) will not get created three working days before the Due Date if Business Hours are not named as BANK. It will instead get created three calendar days before the Due Date.

For Lock Period for APS payment clearing

Action to be taken

The LPT for Automatic Payment Setup must get cleared after considering working days only when the Lock Period is defined. To ensure this, when you create the Business Hours in the Setup, you must create it in the name of BANK.

Reason

This is because, for some customers, the system needs the Business Hours named the same as the name of their Payment Mode. For example, some customers may name their Business Hours as ACH for ACH Payment Mode, Credit Note for Credit Note Payment Mode, and so on. If a customer has named their Business Hours as ACH for ACH Payment Mode, and if the system does not find the name ACH for the Business Hours for another customer, then the system will consider the calendar days instead of considering business days only. Thus, for considering working days only, if the system does not find the Business Hours with the required name, it will use all calendar days and not just working days.

To understand this, let us see the following table:

We see that if the Business Hours with the name as the name of the Payment Mode is not present, then the system considers BANK Business Hours for considering the working days. If BANK is not present, then the system does not consider working days only for the Lock Period.

Also, every customer may have a different name assigned to their Payment Mode, so assigning one specific name to the Business Hours for each Payment Mode name may also not work for all the customers as some customers may want to maintain only one Business Hours in their org.

To resolve this issue, the system requires that you create the Business Hours in the name of BANK. This makes the process simpler because if the system does not find the Business Hours with the required Payment Mode name, it tries to find the Business Hours with the name BANK. If it does not find the Business Hours named BANK, it will not consider only the working days for days to be considered for the Lock Period. 

This will ensure that only one Business Hours is created and the APS can follow these to consider only working days for the payment clearing. If the Business Hours are not created with the name BANK, the APS will consider it as normal calendar days to clear the payment.

Example

Let us say that Lock Period is set to 3, and if the system does not find the Business Hours as BANK or the required Payment Mode name, then the LPT will not get cleared after three working days after the payment creation. It will instead get cleared three calendar days after the payment creation. If the system finds the Business Hours named BANK, then the payment will get cleared three working days after the creation.