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Apply Interest

The Apply Interest module allows you to calculate interest for a group of customers with the option of calculating interest on only those invoices remaining after all available open credits would be applied. A report of the results of the interest calculation process is produced, detailing the following information:

  • Customer Sub-system Account Number
  • Invoice Reference Number
  • Number of days for which Interest is to be calculated
  • Original Invoice Amount
  • Net Payments/Adjustments
  • Accrued Non-compound Interest
  • Accrued Compound Interest
  • Applied open credit amount, if applicable
  • Calculated Interest Amount
  • Net Balance for the document
  • Totals for above amounts

The processing module will calculate simple or compound interest based on parameters indicated in the receivable group record. We recommend you use the Open Credits Report - then apply those open credits before running the interest calculations.

Enter Receivable Group Code

Your default receivable group code will appear here. It may be changed by re-keying the field.

Enter Starting Customer

Enter a valid customer account # or leave blank to select the first customer.

Enter Ending Customer

Enter a valid customer account # or leave blank to select the last customer.

Enter Accounts Receivable Accounting Period

Enter the Accounts Receivable period under which transactions will be generated.

This period is validated against the Finance calendar.

Enter Batch Type Code

Enter the Accounts Receivable customer batch code under which transactions will be generated. For a list of valid Batch Codes, press the <Ctrl+F> key.

Calculate Interest as at

Enter the cut off date up to which interest will be applied. This is to be entered in the YYMMDD format.

Simulate Application of Open Credits First

Enter 'Y' if you wish a simulation of application of open credits for each customer before interest is applied to invoices.

Preliminary or Final Run

Enter 'F' if you wish to create interest transaction records.  

Enter 'P' if you would like to see the results of the interest calculation, but do not want to create interest transaction records. 

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