2.1 Introduction

2.2 Activating Interest Calculation for the Company

2.3 Accounting of Simple Interest

     2.3.1 Accounting of Simple Interest Amount in the Books of Accounts

2.3.2 Recording Payment voucher with Interest Amount to the Supplier

2.4 Accounting of Compound Interest

     2.4.1 Accounting of Simple Interest Amount in the Books of Accounts

2.4.2 Accounting of Compound Interest Amount in the Books of Accounts

2.4.3 Recording Receipt voucher with Interest Amount from the Customer

2.5 Accounting of Interest on Outstanding Balances

2.6 Interest Calculation Reports

Conclusion

Key Takeaways