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notes: From the Interest Linked Accounts menu, we have an option to
maintain Interest Linked Account objects.
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notes:
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notes:
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notes: Interest Linked Accounts are primarily for Loans, and there is a
separate Module for Loans Management. The Interest Linked Account objects
that we manage here, are only intended for General Ledger, Debtors and
Creditors.
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notes: For an Account to potentially attract automatic Interest
Calculation, it has to be specified here. We specify the Account Code and
the Type to identify the actual Account.
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notes: Then, for this specific Account, we select Interest Payable and Receivable
Rate Groups and Contra Groups. The Rate Groups will determine the Interest
Percentage and the Contra Groups will determine the Interest Contra Account.
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notes:
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notes:
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notes:
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notes:
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notes:
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notes: We select the appropriate Calculation Type.
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notes:
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notes: We indicate the Scan Back status.
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notes:
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notes: And the Scan Back option is explained here as the capability to
re-assess prior periods for Journals posted after Interest Calculation.
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notes:
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notes: The Selection Flag is a local indicator used to group or select the
Accounts we wish to include in an Interest Calculation Run.
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notes: And the state of the object will determine at any time whether
Interest may be calculated or not. When the state is set to 'Inactive',
then no Interest will be calculated even if the Account is included in a
selection for Interest Calculation.
