Bank Deposits Interest accrual calculation- reg;


How can we achive to acrue the interest calculated on the bank deposits in banks as per below example in AX 2009

I am sending you an example to check the capability of the system to calculate and post the interest on a Bank deposit as an example.


Bank deposit in USD 1,000,000

Interest rate (per annum) 4.00%

Deposit date: June 15, 2010

Maturity date: August 14, 2010

Base days is Actual/360 (which means that the system calculates the actual number of days and divide it over 360)

=> total number of days from deposit date to maturity date is 60 days.

Based on the above, the interest for the month of:

· June 2010 is: USD 1,666.67 (USD 1,000,000 x 4% x 15 days / 360)

· July 2010 is: USD 3,444,.44 (USD 1,000,000 x 4% x 31 days /360)

· August 2010 is: USD 1,555.56 (USD 1,000,000 x 4% x 14 days /360)

Total interest amount from June 15, 2010 to August 14, 2010 is USD 6,666.67 (calculated as follows: USD 1,000,000 x 4% x 60 days / 360)

The system should calculate the above amounts and post the below three vouchers:

June 30, 2010 (Deposit date)

DR/ Interest receivable USD 1,666.67

CR/ Interest Income USD 1,666.67

(To accrue for the interest)

July 31, 2010

DR/ Interest receivable USD 3,444.44

CR/ Interest Income USD 3,444.44

(To accrue for the interest)

August 14, 2010 (Maturity date)

DR/ Interest receivable USD 1,555.56

CR/ Interest Income USD 1,555.56

(To accrue for the interest)

DR/ Bank Account USD 6,666.67

CR/ Interest receivable USD 6,666.67

(To post the total interest amount to the Bank account)

Please input the above example (highlighted in red) in MS Axapta and advise me of the results. I highly appreciate if you can send me the steps followed to input the above in Axapta for testing it on our side.