Interest Received Part 3
Understand Interest Received.
When to use
When constructing a basic Financial Model.
Once the Interest Received has been calculated the control account can be calculated:
- The Opening Interest Receivable is taken from the Closing Balance from the previous period
- The Interest Income is taken from the previous calculation in row 249
- The Interest Received is from the Opening Balance but is shown as a negative
- The Closing Interest Receivable is the sum of the above
- Once the Control Account has been calculated it can be transferred into the Financial Statements
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