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Interest

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

replied

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

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