My client requirement is the following
He received a loan from Mr.X and interest(Exp) has to be charged on monthly basis to X account.
He Gave a loan to Mr.Y and Interest(Income) has to be charged on monthly basis to Y account.
Which type of Interest calculation i have to use to post Interest for both X and Y?
Can anyone please tell me the config. step wise?
Thanks to all
Srinivasa Maruvada replied
DEFINE TIME DEPENDENT TERMS ( OB81 )
SPRO Financial Accounting General Ledger accounting Business transactions Bank Account Interest calculation Interest calculation Define time dependent terms Select Int type and enter currency = INR and Effective from = 01.04.2007 and Seq No = 1 (for Cr Items and 2 for Dr items) and Term = Credit Interest Balance Interest Calculation and Reference Interest rate = A1 and Premium = 0 and Amount from = 0
PREPATE GL ACCOUNT BALANCE INTEREST CALCULATION ( OBV2 )
SPRO Financial Accounting General Ledger accounting Business transactions Bank Account Interest calculation Prepare GL Account Balance Interest Calculation Select Symbols Check symbols 0001 (Interest received), 0002 (Interest Paid), 1000 (GL Account earned), 2000 (GL Account Paid). Select Accounts button Enter Chart of Accounts Enter currency and GL Account for 0001,0002,1000,2000