i have made this account receivable..i have following issues relating to formulas:
1) 1st bill was issued to company no previous balance was detected so Charged Arrears & LPS As Nil and issue the bill.
2) the company didnt paid previous balance amount and 2nd bill issued with...
I often use the following formula to find outstanding balance on a loan:
Does anyone know what the math is behind it?
I know that the FV factor is ((1 + i/12)^periods) - 1......but I haven't been able to figure out how to use this to create a long hand formula. Also...