Hi all, Hope this email finds you well. We are planning to implement upfront interest collection for the loans for some of our business use cases. With respect to the following 3 accounting configurations, how to post the journal entries ?
1. Cash Based 2. Accrual (Up front) 3. Accrual (Periodic) Can we directly post the entry to income from interest GL Account? Or do we need to have some kind of liability GL account where upfront collected interest will be posted on this account initially and then moved to income from the interest account? And how the Periodic accrual entries should be posted (As periodic accrual entries will be accrued and posted per instalment)? Thanks, Nazeer SSA, CrediLinq https://www.credilinq.ai
