Dear All,
I just find out an issue relate to loan prepayment and repayment.
First when I made a loan prepayment, the prepaid loan still has balance. The system captured amount for prepayment incorrectly. I noticed that system incorrectly allocated amount between loan outstanding and accrued interest. It tends to overstate accrued interest and understate loan outstanding in the following entries:
Dr. Cash
Cr. Loan outstanding
Cr. Accrued Interest
Second, when we make loan repayment before due date, the transaction was recorded incorrectly as below:
Dr. Cash
Cr. Loan outstanding
Cr. Accrued Interest
The correct entries should be
Dr. Cash
Cr. Customer deposit (liability)
and on the due date, the entries should be recorded as
Dr. Customer deposit
Cr. Loan outstanding
Cr. Accrued interest.
These errors seriously affect the quality financial report. I suggest you consider it as urgent priority and I would like to request any person from your team to discus in detail.
Best regards,
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***************************************
NUT SAM ART, ACCA, CPA (KH)
Director, Business and Financial Management Consulting
PCG & Partners Co., Ltd
#113 (Parkway Square 1st floor) Room 1-21, Mao Tse Toung Blvd, Khan Chamkamorn, Phnom Penh, Cambodia
Mobile: (855) 12 403 239 mail: samar...@pro-cg.com Skype: samart.nut Website: www.pro-cg.com
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