Raising Interest Journals

Interest are normally charged on overdue debtors/leisure accounts.

Click on the

button to open the Interest Journal Wizard :

Account Type Select which accounts types will be charged e.g Debtors/Leisures.
From Account (Optional) Select the first account number on which interest must be charged.
To Account (Optional) Select the last account number on which interest must be charged.
Apply to Balances

Interest Rate Enter the interest rate percentage per Annum.
Ignore Charges Below You can set a floor limit which will ignore any interest calculations, if the charge is below the amount stipulated. E.g. R10.00
Description Enter a description for the interest journal e.g Interest charge on overdue accounts.
Service Type Select the service fee code to be used. Note that they are setup in Windows Invoicing as General Charges.
GL Code Select the General Ledger code to which the interest must be written.

e.g. Interest Received

Once the selection is made click on

to start the creation of interest journals: