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Calculate intercompany loan interest and both entity entries
- For Accountants
- You practice Catching mistakes and made-up facts
- Time about 5 minutes
- Level Intermediate
About this exercise
You're calculating quarterly interest on an intercompany loan. Write a prompt for plain text with lines starting "Daily interest:", "Days:", "Quarter interest:", "Entity A:" and "Entity B:". Use simple interest on a 365-day basis. Entity A is the lender and Entity B the borrower; each of the last two lines says which account is debited and credited. Don't mention a 360-day basis or transfer pricing. Under 90 words. No bullets or numbering.
Common mistakes when you ask AI for this
- Using 360 days. The AI uses 360 and gets $1,277.78. Try: Say: "Day-count basis is 365 per the agreement."
- Mentioning transfer pricing. The AI adds a caveat about arm's length rates. Try: Add: "Do not mention a 360-day basis or transfer pricing."
- One-sided entry. The AI books only the lender's entry. Try: Add: "Entity A and Entity B each get Dr and Cr lines for the same amount."
- Markdown extras. The AI adds bold labels, headings and a closing note. Try: Say: "Plain text, no bold. Output only the lines asked for."
- Trusting the AI to count words. AI is bad at counting and runs past word limits. Try: Ask for fewer words than the real cap and keep each line short.
What a strong prompt includes
- Names the five lines
- Uses 365
- Gives the accounts
- Bans side topics
- Caps length
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