Ideas for the Mambu Banking Engine

Separate Receivable GL accounts for Interest Accrued and Interest Due

What

Ability to link a separate receivable account (asset) to recognise interest accruals posted as part of the Interest Accrued Method configuration under Loan Product Accounting Rules. Please refer below for an example (also attached) of the required journal entries compared to the current postings (differences marked in red):

Notes

· Accrued interest postings and reversals should be done to a separate GL account, namely Interest Accrued Receivable

· On the due date, interest accrued is reversed and the total interest due is posted to an Interest Receivable

Why

Some customer requires two separate receivables GL accounts to be able to align Mambu GL accounts and entries to their accounting system. The above implementation would allow to get rid of the manual / integration step where the interest accrual/ due balances need to be split up and mapped.

  • Gerard Loedolff
  • Aug 19 2019
  • Attach files