Set up the interest's attributes for a specific loan product.
For a loan product's interest, there are interest rule and interest treatment defined.
Whether the interest is cash basis or Accrual basis.
Various GL codes to records the interest earned, waived.
1. Interest Income: GL code with income type for recording income earned from loan accounts under this product.
2. Suspended Interest: GL code with liability type for recording income earned from suspended accounts.
3. Interest Accrued: GL code with asset type for recording interest accrued on loan accounts. This GL account is debited and the interest income GL account is credited at the time of interest account on a Loan account with Normal Accrual status.
4. Suspended Interest Accrued: GL code with asset type for recording interest accrued on suspended loan accounts.
5. Interest Receivable: GL code with type asset for recording interest receivable amount on loan accounts.
6. Suspended Interest Receivable: GL code with asset type for recording interest receivable amount on suspended accounts.
7. Unearned Interest:
8. Suspended Recovery: GL code with income type for recording suspended interest recovered from suspended accounts.
9. Interest Waiver: The waived interest account is debited into this GL account.
10. Interest Expense: GL code to record expense when crediting interest. This filed is available only if credit interest rule is selected and product type is revolving.
For a loan product's interest, there are interest rule and interest treatment defined.
Whether the interest is cash basis or Accrual basis.
Various GL codes to records the interest earned, waived.
1. Interest Income: GL code with income type for recording income earned from loan accounts under this product.
2. Suspended Interest: GL code with liability type for recording income earned from suspended accounts.
3. Interest Accrued: GL code with asset type for recording interest accrued on loan accounts. This GL account is debited and the interest income GL account is credited at the time of interest account on a Loan account with Normal Accrual status.
4. Suspended Interest Accrued: GL code with asset type for recording interest accrued on suspended loan accounts.
5. Interest Receivable: GL code with type asset for recording interest receivable amount on loan accounts.
6. Suspended Interest Receivable: GL code with asset type for recording interest receivable amount on suspended accounts.
7. Unearned Interest:
8. Suspended Recovery: GL code with income type for recording suspended interest recovered from suspended accounts.
9. Interest Waiver: The waived interest account is debited into this GL account.
10. Interest Expense: GL code to record expense when crediting interest. This filed is available only if credit interest rule is selected and product type is revolving.