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A note receivable usually includes a specific interest rate, or a rate which is tied to another interest rate, such as a bank’s prime rate. The calculation of the interest earned on a note receivable is: Principal x Interest rate x Time period = Interest earned
Upon entry into Calculate Monthly Interest the Calculate Interest window will be displayed. This is only used for Pay Principal or Pay Interest First.
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Last Interest Date: This field is non
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editable and used to view the last interest date. If the monthly interest is not calculated, then current system date will be displayed.
As Of: It’s a date control, the minimum date for this control is current system date and user cannot select past dates.
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- On
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- Calculate
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- interest
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Note 1:
- Notes receivable system doesn’t calculate the interest for the same day again. In this case following message will be displayed.
Click the “Ok" button
On click of “Ok” button of warning message, the “OK “ button in the Calculate Interest screen will be disabled.
- If the System date is less than the Last Interest calculation date then following warning message will be displayed and ok button will be disabled.
Note 2:
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- form, user can select “As Of” date till next day of last interest calculation date.
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- Interest will be calculated till the “As Of” Date.
- Date inserted into General Ledger will be the system date in any case.
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Example: Interest Calculation Date is 03/31/2013
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- Also source number will be I0401 and not I0331.
Integration with General Ledger: when user calculate the calculate interest then two entries will be inserted into (Journal Entries) with an interest amount for respective note and for respective month.
Credit - GL Interest Income account
Debit - GL Notes Receivable account (which are configured in the Control file settings)
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