You may fill the Interest rates for Unsecured Loans by clicking on 'Update
Interest Rates on Loans'. These rates shall be applied for calculating
Interest provision, if you check the check box against the prompt 'Provide
Intt. On Loan' in final accounts as shown below:
When you click on 'Update Interest Rates on Loans', you may specify
the interest rates for unsecured loans as shown below:
You may specify different interest rates for different financial years.
Auto entry for Depreciation
When you provide for Interest on Unsecured Loans in balance sheet, you
may pass the journal entry for interest automatically. To do so you need to
view the Unsecured loans schedule by clicking on 'F6: Schedules' ->
'Unsecured Loans Schedule' button from bottom button bar of balance
sheet and click on the button as shown below:
You may also remove the auto entry of Interest already passed. If entry
has been passed the above mentioned button appears as shown below:
Note:
No interest is calculated on squared up accounts (accounts having NIL
balance) and they also do not appear in 'Schedule of Unsecured
Loans'.
You may see the details of interest calculation for any account by pressing
'Ctrl+Enter' on the relevant row in schedule of unsecured loans.
