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Interest charged on AR invoices (Read 450 times)
lynnkissinger
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Interest charged on AR invoices
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?
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Lynn_Pantic
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Re: Interest charged on AR invoices
Reply #1 - 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.
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Lynn Pantic
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lynnkissinger
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Re: Interest charged on AR invoices
Reply #2 - 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?  
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Lynn_Pantic
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Re: Interest charged on AR invoices
Reply #3 - 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.
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Lynn Pantic
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