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Way achieve the net interest amount repayment/payment in AA lending & AA Deposit
- Irfan786
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1 year 3 weeks ago #24304
by Irfan786
Way achieve the net interest amount repayment/payment in AA lending & AA Deposit was created by Irfan786
Hello team,I am struggling to find a solution from core (AA) regarding the given scenario.For some specific lending products, the interest will be due on maturity. So, the counterparty repay the due interest amount after deducting the source tax and excise duty from interest.Example:Principal amount: 100,000Interest amount (10%): 10,000Here,Source tax (20% interest) = 2000So, counterparty will repay to the bank (10,000-2000)= 8000.The system would make due interest of 10,000. But counterparty will repay 8000. The accounting entries has to be like this:Dr. Cash in Hand/customer account 8000Dr. Internal account for source tax 2000Cr. Due interestSo, how these can be achieved in AA lending.
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- hamzamujtaba
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10 months 2 weeks ago #24351
by hamzamujtaba
Replied by hamzamujtaba on topic Way achieve the net interest amount repayment/payment in AA lending & AA Deposit
Hi !!!
Please go though Tax property conditions and update it accordingly with defining new property class...
Please also link this property class on which adjustable condition work to the perticular catagory code and accounting condition as well ...
Hope this would resolute your propblem faced ....
Please go though Tax property conditions and update it accordingly with defining new property class...
Please also link this property class on which adjustable condition work to the perticular catagory code and accounting condition as well ...
Hope this would resolute your propblem faced ....
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