Solved

Doing currency Conversion and calculating Accrued Interest in a query

Posted on 2007-03-26
4
443 Views
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
0
Comment
Question by:ukbusiness
  • 3
4 Comments
 
LVL 9

Expert Comment

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...
0
 
LVL 84

Accepted Solution

by:
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.
0
 
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...
0
 
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')
0

Featured Post

Master Your Team's Linux and Cloud Stack!

The average business loses $13.5M per year to ineffective training (per 1,000 employees). Keep ahead of the competition and combine in-person quality with online cost and flexibility by training with Linux Academy.

Question has a verified solution.

If you are experiencing a similar issue, please ask a related question

It’s been over a month into 2017, and there is already a sophisticated Gmail phishing email making it rounds. New techniques and tactics, have given hackers a way to authentically impersonate your contacts.How it Works The attack works by targeti…
Preparing an email is something we should all take special care with – especially when the email is for somebody you may not know very well. The pressures of everyday working life stacked with a hectic office environment can make this a real challen…
In Microsoft Access, when working with VBA, learn some techniques for writing readable and easily maintained code.
Polish reports in Access so they look terrific. Take yourself to another level. Equations, Back Color, Alternate Back Color. Write easy VBA Code. Tighten space to use less pages. Launch report from a menu, considering criteria only when it is filled…

776 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question