Contents
- Index
Interest Computation & Payment Maintenance Screen
Most of the institutions provide interest earnings to savings and/or insurance tha t are deposited by their client borrowers. The computation of interest and adding the equivalent amount to the savings/insurance is done through this facility by CommonCents. The Interest Computation and Payment screen can be used to process the payments of interests for savings and/or insurance availed of by the clients.
This is if the institution has promised to provide interest income to the client borrowers/depositors. If no interest was promised to the clients, there would be no need to use this CommonCents facility. Interest computation is done by branch. A withholding tax may be generated as well for the interest earned by the clients. One can add, edit, and delete a record for interest computation and payment record. If an interest computation and payment record is added, CommonCents prepares a corresponding voucher for accounting purposes.
Topics:
Adding an Interest Computation and Payment Voucher
Processing Interest Computation and Payment for Individual Clients