Banking Interest - Microsoft Access Forum


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Banking Interest

Otto Friesen

6 years ago

I am working on a database where I have a table with transactions similar to a checking account. I have like deposits and withdrawals. I now need to calculate interest on those transactions every month for every account and add that interest transaction to the table as well. Does anybody have a template to give me a jump start?

	Richard Rost @Reply 6 years ago
I don't have a template for this, but it would make for a good one! Is anyone else interested?

	Austin Ritner @Reply 6 years ago
I have a checkbook register that I made. Nothing fancy but it works. Suppose you could add an interest field.

	Otto Friesen OP @Reply 6 years ago
The part that gets a bit complicated is calculating the interest. The principal changes at every transaction.

	Richard Rost @Reply 6 years ago
Otto, are you calculating interest with every transaction? Usually banks do average daily balance, compounded monthly. What are your needs?

	Otto Friesen OP @Reply 6 years ago
That would actually be what I need.

	Richard Rost @Reply 6 years ago
Otto, can you explain in more detail exactly how you're calculating and compounding interest?

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