finPOWER Connect Accounting Ledgers Add-On
Adopting the International Financial Reporting Standards (IFRS) will require many finance companies to recognise deferred revenue from their lending activities over the term of the loans involved. The Accounting Ledgers Add-On gives you the toolset to amortise both revenue and cost items.
Each element, being the building blocks of a loan, can be "earned" in a number of different ways:
- On a specific Date
- At Maturity
- At Close
- Proportional Daily
- Rule of 78
- Contractual Interest
This Earned Basis then determines how the element is to be amortised in the General Ledger and effectively earned or accounted for.