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Doing currency Conversion and calculating Accrued Interest in a query

Posted on 2007-03-26
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Last Modified: 2012-05-05
I do collection work for creditors in the UK who have clients in the US.
I have a database where the debtor has been invoiced in £GBP which I convert to $USD on the day of invoicing.  When we receive payments from the debtor I need to convert it to £GBP based on the conversion rate that day.  In addition I have to track interest due on the account.  Presently the currency conversion and interest calculation is being done in an Excel spreadsheet and then entered back in Access.  

Is there a way to design a query that will do an accrued interest calculation which is based on the intrerest rate, date of last payment to the date of current payment
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Question by:ukbusiness
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by:TheSloath
ID: 18791789
You want to calculate the interest compounded on a daily basis?

If not, it is just a wee DateDiff("d", [LastDate], [ThisDate] to calculate the number of days (+ 1 if inclusive of the first day) and multiply this my the Daily interest rate (AnnualRate/365.25) and the Amount... I think...
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Scott McDaniel (Microsoft Access MVP - EE MVE ) earned 500 total points
ID: 18791795
I'm sure you could build a routine which did this, or perhaps even in a query. How exactly do you calculate this now? I'd assume something like:

(Amount Originally Owed) - (Payments Made) + Interest Charged

However compounding interest can be pretty complex, depending on the specific rules of your government and/or company or customers. If the Excel functions give you correct results, then you _could_ make a reference to Excel and use the formulas there to do the work for you.
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LVL 9

Expert Comment

by:TheSloath
ID: 18791816
You want to calculate the interest compounded on a daily basis?

If not, it is just a wee DateDiff("d", [LastDate], [ThisDate] to calculate the number of days (+ 1 if inclusive of the first day) and multiply this my the Daily interest rate (AnnualRate/365.25) and the Amount... I think...
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LVL 9

Expert Comment

by:TheSloath
ID: 18791848
If you wanted it compounded by the day, then I think the field would be:


[OrginalAmount] + ([OriginalAmount] * ((1 + [DailyInterestRate]) ^ DateDiff("d", [DateFrom], [DateTo]))


(^ is 'ToThePowerOf')
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