In Accrual Accounting there There are two types of Accrual Accounting:
1) Accrual (Upfront): If you enable this option and make the entriesadd entries while defining the loan product (as shown in the table below table) while defining the loan product, Accrual entries are passed at the time of disbursal of the loan (to the Client or Group).
2) Accrual (Periodic):If you enable this option and make the add entries while defining the loan product, either accrual Accrual can be done with any a specified periodicity or can be done manually. To run specify Periodicity of Accrual, follow these steps:
- Go to Admin >> System >> Scheduler Jobs to see the following window (with a list of Jobs):
- Check the check boxes for beside 'Add Accrual Transactions' and 'Add Periodic Accrual Transactions' and at (shown in the screenshot above).
- At the bottom of the page, click on the 'Run Selected Jobs' and button, followed by the 'Refresh' button.
Once the loan product is defined with Accrual Accounting (periodic), (Click Here to see Accounting Fields for loan productLoan Product)
- Create a Loan Account for a Client/Group with the loan product Loan Product having Accrual Accounting. (Click Here to see How how to create Loan Account)
- Make a few transactions (like for instance: Repayments).
- Then, go to the Accounting >> Accruals to see the . The following window will be displayed:
- Specify the date in the "Accrue Till" field.
- Finally, execute Periodic Accrual Accounting till specified date by clicking on the blue "Run Periodic Accruals" button in order to affect all the accrual accounts (exfor instance: Interest Receivable, Fees Fees Receivable, etc.).
In order to
To see the entries in accrual accounts,
- Go to Accounting >> Search Journal Entries to see the . The following window .will be displayed:
- As shown in the screenshot above, select the appropriate filters and duration and then click on the 'Search' button to see the accrual transactions happened during that timethat occurred during the specified duration.
