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Evo-ERP and DBA Classic >> Accounting >> Interest charged on AR invoices
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Message started by lynnkissinger on 06/21/06 at 06:14:18

Title: Interest charged on AR invoices
Post by lynnkissinger on 06/21/06 at 06:14:18

How do I get interest charged on invoices past 30 days?I have 1.50% on invoices over 30 days from invoice date set up in AR-S, but when I ran AR-D and entered 18% annually, the interest rate calculated did not come out right. Any suggestions of what I may have done wrong?

Title: Re: Interest charged on AR invoices
Post by Lynn Pantic on 06/21/06 at 08:04:41

The number of days in AR-S is the Grace Period beyond the due date per terms before interest charges kick in. So if you want to charge immediately upon being past 30 days, then that should be set to 0, not 30.

Title: Re: Interest charged on AR invoices
Post by lynnkissinger on 06/21/06 at 15:38:42

So if I wanted to charge 1.5% interest on any invoices that are still open after 30 days, what is the correct setup?

Title: Re: Interest charged on AR invoices
Post by Lynn Pantic on 06/21/06 at 16:24:22

If the Terms on the invoice is Net 30, then the number of days in AR-S should be 0.