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  1. On Calculate interest form, user can select “As Of” date till next day of last interest calculation date.

    Example: Last Interest Calculation Date: 02/29/2013
           Current System Date: 01/04/2013       User can select any date between 03/01/2013 till 01/04/2013

  2. Interest will be calculated till the “As Of” Date.
  3. Date inserted into General Ledger will be the system date in any case.

    Example: Interest Calculation Date is 03/31/2013

        System date is 01/04/2013
    General Ledger record will be with the date 01/04/2013. Also source number will be I0401 and not I0331.

 

Integration with General Ledger

 

Expand
titleIntegration with General Ledger

When user calculate the calculate interest then two entries will be inserted into GLIJEMST (Journal Entries) with an interest amount for respective note and for respective month.  One record will be credit to “GL Interest Income “account and another entry will be debit to the “GL Notes Receivable “account which are configured in the Control file settings.

User can verify the entries in Origin application by following the below steps.

  1. Login to summit application
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  2. Select /Click General Ledger Menu
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  3. Select Report and Inquiry Menu
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  4. Select View Account History
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  5. Enter Account number, Accounting Year, Period (Beginning and ending)
    Below report will give the required details
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  6. To view Note creation details, select the record and double click.
    1. Example: Below account Number: 11200010 is GL Notes Receivable account, so interest  amount will debit to this account.
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      Double click on the selected record.
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    2. Below account number: 63300000 is “GL Interest Income Account”, so interest amount will be credit to this account.
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      Double click the record.
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OR

 

  1. Login to summit application
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  2. Select /Click Petrolac Menu
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  3. Petrolac Dates screen will appear. Click OK.
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  4. Select End of Period Menu on Petrolac Main Menu screen.
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  5. Select G/L Distribution Report Menu on End of Period Menu screen.
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  6. Enter Transaction Date (Beginning and ending) and click on View Report button.
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  7. Below report will give the required details
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