Posted: 30 Apr 2012 at 17:22 | IP Logged
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Let's say you have two loans. One is a revolver and the other is a mortgage with an amortization schedule.
I know to accrue the interest from the revolver that has been incurred but not been paid at the end of a fiscal period. But what about the mortgage?
I have the mortgage principal in an account but do I also have to book accrued interest for it ? Payment is due the tenth of every month. Would I also book 10 days of interest to an accrued interest account?
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