This article details how to set Interest Rates for Customers with Full Accounting Setups
Some customers may choose to set interest rates to deter their customers from making late payments on services.
Video Walkthrough
Setting Parameters
To find where to set this, go to Admin -> Standard Codes -> Customer ->Interest charge
-Click +Add New, It will open a pop up to set the charge
-After you have created this, assign it to your customer.
Administration -> Customer-> Select Customer-> Details tab
Applying the Charge
To apply the charge to an invoice
Financials -> Month End -> Things to Do -> Calculate Service Charge
-Set the Parameters -> Every field is required!
-Once you have selected Calculate, a pop-up will appear with any invoices associated with a customer with an interest rate who has an invoice for that date.
Finalizing the Charge
Go to Financials -> AR Manager
-Set the calendar From date to include the invoices you are missing. Click Refresh
-Select the left arrow under invoice date to sort the column and bring the charge you applied to the top of the list.
^ This image highlights both interest charges that were created
-Select one of the invoices. Once it is highlighted and the information appears on the right-hand side, select Receive Payment.
If no default receipt account is tied to the customer, you will receive a pop-up. Set the account and click ok
-A pop-up will open. Select Add Outstanding Invoices
-Choose the invoices you want to be attached to the invoice and select "Add Selected".
-Verify the amounts being paid before finalizing the payment. If any invoices have been added, the Amount will have to be adjusted. You can find the new amount at the bottom of the Invoice Panel.
-Once you have ensured the Amount field matches the amount at the bottom of the screen, the Remaining field should show a balance of 0.00. Select Finalize.
To Verify that it was Processed
Financials-> AR Manager-> AR History
Ensure that the date will include the invoices you processed, and narrow down by customer. Select Refresh. Selecting the left arrow under the Invoice Date column will sort them into ascending order. As the Interest Charge shows the same date as the initial invoice, they will appear next to each other in the list.
Things to be Cautious Of
Once an interest rate has been calculated for a specific date, it can not be done on that day again.
An Invoice can have the interest on it calculated multiple times
-This RO is dated for August 23rd
-Interest Charged on the 25th
-Interest Charged on the 24th
-Both now appear when going to AR Manager