Hello Experts,
we all know that Bank charges interest on amount of loan taken. the interest infact is accrued get accrued (in the banking system) on closing debit balance.
my client wants to calculate interest at par with the bank on a monthly basis based on daily credit balance (in our books, since loans are in liabilities). how do i configure that.
Note : interest rate is available thru Capital Recovery Factor. i ned your help in configuration.
Somebody please help.
experts please lemme know, if possible.
Edited by: Hussein Merchant on Jun 26, 2009 1:40 PM
Edited by: Hussein Merchant on Jul 3, 2009 7:54 AM