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2) Accrual (Periodic): If you enable this option and add entries while defining the loan product, Accrual can be done with a specified periodicity or can be done manually. To specify the Periodicity of Accrual, follow these steps:
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- Create a Loan Account for a Client/Group with the Loan Product having Accrual Accounting. (Click Here to see how to create Loan Account)
- Make a few transactions (for instance: Repayments).
- Then , go to the Accounting >> Accruals 184200917. 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 (for instance: Interest Receivable, Fees Receivable, etc.).
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