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: