Interest

[Former Member]

Dear Friends,

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

NMB

[Former Member · Accepted solution]

Dear Friends,

How I have to maintain time dependent terms and account determination?

Can you give a brief explanation with one example?

Thanks

NMB

[srinivasa_maruvada · Accepted solution]

Hi

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

Cheers

Srinivas

[Former Member · Accepted solution]

Dear friends,

Thanks to all

NMB

[Former Member]

hi

create loan accounts

create interst received and interest paid accoutnt

and do the need ful following steps

each and every step should be proprly

Define interest calculation Type

Prepare Account balance interest calculation

Define reference interest rates

Define time u2013 dependent terms

Enter interest values

Assignment of Accounts for automatic posting

sumathi

[Former Member]

Hi,

I think U told regarding X and Y are not vendors, if so you can use S type for Charge interest you can use debit interest and receive interest you can use credit interest type.

Define interest calculation Type

Prepare Account balance interest calculation

Define reference interest rates

Define time u2013 dependent terms

Enter interest values

Assignment of Accounts for automatic posting

Please let me know if u need to know more.

reg

vishnu

[Former Member]

Dear Vishnu,

How I have to maintain time dependent terms and account determination?

Can you give a brief explanation with one example?

Thanks

NMB