What: A possibility to Apply Penalties on all loans accounts from the UI, regardless of the Loan Product Type and Penalty calculation method.
Why: This is often needed in order to process corrections on an account, e.g. when a Penalty Applied transaction is reversed (which reduces the Penalty Balance and "moves" it to Penalty Accrued amount), it might need to be manually re-applied to an account in order to reduce it's balance (i.e. waive it off). This can result from multiple scenarios, e.g. in case a backdated repayment is processed, or a past repayment is corrected triggering bulk corrections resulting in penalties reversals. A possibility to apply a penalty accrual into an account manually allows to reflect the penalty balance due from the client at any point in time.