Interest Activation Setup

Setup interest to be run in Debtors setup

Debtors Module> Configuration> Debtors Setup

 Select the debtor> Amend> Account Details> Interest Setup

 

 

Tick the Activate Option:Option	This will activate interest calculations on that particular debtor.debtor
Minimum Amount	If you wish to have interest calculated on all debtors, you will have to follow this process for every debtor. Enter a minimum amount if applicable. 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.calculated
Period From	Enter the 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.old
Interest Rate	Enter the interest rate, number only

No need to enter a %, only a number

Enter the Interest rate applicable, example 10%.

Note:Rate: This is an annual percentage.

ClickIf Save,you Closewish to have interest calculated on all debtors, you will have to follow this process for every debtor.