To calculate interest on loan in RealBooks, follow the steps given below:
- Open your RealBooks account
- Navigate to settings
- Click on ‘Configuration’
- Go to accounts
- Enable the ‘Interest calculation on Ledger’ option
- Navigate to ‘Master’
- Select ‘Accounts’
- Click on ‘Ledger’
- Press Create
- Input the required details and enable the toggle against ‘Activate Interest’
- Fill in the details on the interest details page
- Click on save
- Navigate to transactions>Accounts>Vouchers
- Select voucher type as receipt and add the necessary details
- Click submit
- Navigate to Transaction
- Click on Accounts
- Press on Vouchers
- Select voucher type as Payment
- Input the required details
- Click on the ‘Submit’ option
- Go to ‘Reports’
- Select Accounts
- Press Daily Reports
- Choose ‘Interest calculations’
- Search the loan account
- You will be able to see all the interest calculations
