Support Center

Interest Application

Last Updated: Oct 04, 2016 11:54AM CEST

 

Interest Applied Transaction

Manually Apply Interest

Undo Interest Applied

 

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Interest Application

Whenever accrued interest is applied on an account that means that the interest has been recognized as income in the case of loan accounts or overdrafts and as an expense for interest paid to client deposit accounts.

When interest is posted an Interest applied transaction is created to update the account balances.

Automatic interest posting on accounts is controlled by the Loan or Deposit Product settings, please see the relevant settings for Loan and Deposit products. 

Interest can also be applied manually, as described below.
 

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Manually Apply Interest


To manually apply interest, open the account > More Actions > Apply Accrued Interest > confirm the date > Apply.
 

The amount of interest applied reflects the interest accrued in the given period. The interest accrued is calculated using the product settings.
 

 

 

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Undo Interest Applied

Interest applied transactions can be reverted as any other transactions.

To revert an interest applied transaction open the account > go to the transactions tab > click on "more - reverse" for the transaction to reverse > add a reversal reason and confirm

 

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