Calculating and posting interest
Running interest on savings accounts and checking it before it is credited.
Interest is calculated according to the product’s calculation type and compounding period, and credited on its posting schedule.
- Open a savings account and use Calculate interest to preview what has been earned.
- Use Post interest to credit it to the account. Posting creates an apply interest transaction and the matching accounting entry.
- At period end, check the interest expense in the profit and loss against what you expected.
Note
Accounts below the product’s minimum balance for interest earn nothing for that period.
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