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Evo-ERP and DBA Classic >> Sales >> Charge Interest
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Message started by Dawn on 04/27/07 at 14:18:41

Title: Charge Interest
Post by Dawn on 04/27/07 at 14:18:41

I need to charge one pesky customer interest on past due invoices and it is using the annual rate of 15% instead of the 1.25%/monthly rate instead for a 90 day past due account I've done the math, yes it really is using the 15%. I've check to make sure that AR-S is set to 1.25% and then I run AR-D (using DBA Classic) and it shows in the information box "15% annual interest will be charged on overdue amounts (the monthly interest rate is set in AD-B)".
AD-B is my checking account defaults. :o Does anybody really use AR-D? Any suggestions to fix this or should I just figure it out and do a voucher for it? It won't let me run AR-D a second time. Appearently you can only do it once, unless I'm missing something. [smiley=thumbdown.gif]

Title: Re: Charge Interest
Post by David Waldmann on 05/03/07 at 10:03:40

I guess I'm missing something. What difference are you talking about, compounding? The normal process would be charging the interest every month, and since you have the option of charging interest on previous interest charges which would account for it. And no, you can't re-run it. You can run it again, but it only calculates interest since the last time you ran it so you can't run it twice in one day.

Title: Re: Charge Interest
Post by Quirk on 05/04/07 at 05:31:03

AR-D never worked for my business. I generate a voucher when I need to charge a pesky customer interest. By doing this I can charge interest when a particular invoice becomes 30 or 60 days past due, not just once a month for everybody.

Title: Re: Charge Interest
Post by Dawn on 05/07/07 at 14:42:41

Ya I was trying to make it compounded interest but from what I can tell I have to already have charged interest once and then charged again. I think? And since you only get one chance at it...well all I did was make myself a mess to clean up. So I just did a sales voucher instead. It took a whole lot less time. [smiley=beer.gif]