8.3.3 Automatic Accrual of Profit
While defining profit components for a bill product in the Product, ICCB details screen, you specified whether accruals need to be done for the accruable profit components. For a product, accruals should be done, and then the frequency of accrual should also be specified for a product (through the Product Preferences screen, at the time of product definition).
This function when run as part of the batch process run at EOD, calculates the accrual amount and passes accrual accounting entries for the accruable tenor based profit components of a bill.
- Active and authorized bills which are not yet liquidated
- Bills whose accrual date falls on the current processing date or bills whose accrual date falls between the current processing date and the next working date
The date on which accrual is due for a bill is calculated based on the accrual date and accrual frequency defined for the product associated with the bill.
When the function automatically accrues the profit components of a bill, is done the accounting entries defined for the accrual event (ACCR) will be passed and the internal accounts will be updated with the accrual related details.
If the accrual date of a bill falls on a holiday, the accruals are done as per your holiday handling specifications for automatic processes, in the Branch Parameters screen.
The list of bills whose commission components were accrued will be printed in the Accrual Control report.
Note:
This function will not accrue profit for bills that have moved into a user defined status for which accruals have been stopped.Parent topic: Processes Run during Beginning of Day