Interest Activation Setup
Setup interest to be run in Debtors setup
Debtors Module> Configuration> Debtors Setup
Select the debtor> Amend> Account Details> Interest Setup
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| Tick the Activate Option | This will activate interest calculations on that particular debtor |
| Minimum Amount | This amount is the minimum amount that interest will be calculated from. That is, if the amount outstanding is less than this amount, no interest will be calculated |
| Period From | This field indicates from how many days outstanding to start calculating interest. ie, if you choose 30 Days as an example, the system will start calculating interest if the amount outstanding is more than 30 days old |
| Interest Rate | Enter the interest rate, number only |
No need to enter a %, only a number
Interest Rate: This is an annual percentage.
If you wish to have interest calculated on all debtors, you will have to follow this process for every debtor.
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