How to calculate and record interest
ID:CVCALI
Video Overview
This tutorial looks at how to go about calculating and recording interest. There are two types of transactions we are going to look at, these being interest paid and interest received. To start with, we need to state that there is no VAT on interest. Also, you may have many different accounts for interest such as interest paid – referring to accounts with creditors, interest received – referring to accounts of debtors, and then various other accounts specifically for interest you earn on a positive balance on your current account, or interest you pay as a result of a mortgage or loan account.
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