Dealing transactions at month level is a credit industry thing. Month of outstanding balance (MOB) is key process variable for the amortized loan with fixed monthly payment. Treating multiple transactions during the month separately screws that up. Typically, payment receiver will apply all payments received during the month as one payment to the loan.
When a borrower calls up a loan issuer and want to make a final payment to eliminate balance on the loan, how would this transaction take place? Any final balance loan issuer tells borrower will change due to interest accrual by the time borrower makes payment and the transaction settles. This is the reason most loan issuer will back-date the final payment to the day a borrower was quoted the balance even if it took two weeks for the final transaction to settle.
Personally, I would have preferred if LC just listed each payment on a separate row, but LC seems to be married to the idea that payments happen once a month.
