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REFI Codes

REFI Codes

Owned by Lango: Language and translation manager
Last updated: Sept 12, 2024 by Tomas Nagy
2 min read

REFI codes are used:

No additional setup is required to complete.

After selecting the option, an overview of REFI codes will be displayed, which is filtered only to Active REFI codes. The user can delete the filter.

Field:

  • Code

    • Marking REFI with a unique code

  • Interest Rate Type

    • Required field, the user must enter a non-empty value.

  • Fixation

    • Optional field, editable only for interest rate type = Variable.

    • It is possible to choose 3M, 6M or 1Y

  • Update REFI in Activation

    • Default N

    • Changes the user to Y if he wants the activation wizard to update the REFI code/rates as part of the activation process

  • Validity From

    • Beginning of validity of the REFI code so that the user can enter it on the contract

  • Validity To

    • Expiration of the REFI code so that the user can enter it on the contract

  • Currency Code

    • Depending on the currency of the contract, the rate of the REFI code changes

  • Last Date Modified

    • The system automatically records the modification date when a record is modified

  • Modified By

    • When a record is modified, the system automatically records the ID of the user who made the modification

  • Active

    • If A, the line is visible in the REFI code overview.

When deleting a REFI Code, the system automatically deletes the rates belonging to the REFI Code. We recommend deleting the REFI code only in the case of incorrect entry, if the REFI code has already been used, we recommend only suspending the validity. 

REFI Rates

Using the Rates button on the REFI codes tab, the user enters the REFI rates (including rate parameters) that belong to the REFI code and is filtered to Active rates.

The use of REFI rates is mandatory for financing contracts.

Field:

  • REFI Code

    • The value of the field is filled with the value of the field from which the rates are opened

  • Rate Type

    • The default value of the field is "Blank" and the user changes the value of the field to one of the values:

      • Basic Rate

      • Cost Rate

      • Special Liquidity Cost

    • Depending on the rate the user is setting up

  • Validity From

    • Beginning of validity of the interest rate REFI code

  • Validity To

    • Expiry of REFI Code Interest Rate

  • Rate

    • Interest rate value for a given period

  • Financing Contract No.

    • To be added by the user to the Special Liquid Expense, if this rate is to be used in the contract instead of Cost Interest to calculate the Reference Interest

  • Min. Leas.Contr.From (Min. Leas. Contr. Time From)

    • The lower limit on the number of months of the lease agreement for the user to use the code on the contract

    • The number of months is given

  • Max. leas. Contracts to (Max. Leas. Contr. Time To)

    • The upper limit on the number of months of the lease agreement for the user to use the code on the contract

    • The number of months is given

  • Active

    • The value of the field will be YES if the rate is to be offered.