Post Interest Charges

You are here: 1. Distribution System > 1.7. DEBTORS Menu: Debtors Ledger > 1.7.2. Debtors - Debtors Transaction Processing > 1.7.2.12. Debtors Transaction Processing - Post Interest Charges > Entering the Interest Charges

Debtors Transaction Processing - Post Interest Charges

Use this option to charge any interest fees for late payments to accounts.

Entering the Interest Charges

You use the Post Interest Charge screen to enter the interest charges for late payments.

Select DEBTORS | DEBTORS TRANSACTION PROCESSING | POST INTEREST CHARGES and either:

create a new batch of debtor interest charges - refer to "Creating a New Debtor Batch"

recall an existing batch of debtor interest charges - refer to "Recalling a Debtor Batch".

Micronet displays the Post Interest Charge screen.

Complete the following fields:

	Field	Value
	Override Percentage	By default, Micronet will charge the default interest charge entered in the Overdue % field on the Debtor File Update screen - Account tab for each debtor in the batch (refer to "File - Debtor - Account") . If you want to use a different interest percentage for all debtors in this batch, enter the percentage.
	Period	Select the period after which Micronet should check debtor balances. For example, if you select 60 days, Micronet adds the total balance from 60 days and older to see if the debtor meets the selection criteria set in the questions below to calculate the interest applicable.
	Minimum Charge	Enter the minimum charge you want applied. Micronet searches for debtors that satisfy the criteria entered below then calculates the interest due. If the interest due is less than the minimum charge entered here, Micronet applies this minimum charge instead.
	Don't post if less than	Enter a minimum charge over which Micronet applies interest, i.e. entering $50.00 forces Micronet to only apply interest to accounts where the interest calculated exceeds $50.00
	Transaction Description	Enter a description to appear on the debtor account.
	Customer Type	The next three fields enable you to isolate groups of customers as required, e.g. only calculate interest on accounts where the customer has exceeded their credit limit and their account is on hold. Check one box for the types of customers you want interest charges applied to in this batch - Open Item, Balance Forward or both.
	Hold Type	Check one box for the on hold status of customers you want interest charges applied to - On Hold, Not on Hold or both.
	Credit Type	Check one box for the credit type of customers you want interest charges applied to - those over their credit limit, those under their credit limit, or both.

Select the Post button to process the interest charges.

Micronet displays a message asking you to confirm that you want to post interest charges for the selected customers.

If you are sure you want to post the interest charges, select Yes.

Micronet posts the interest charges then redisplays the Post Interest Charge screen.

Repeat the steps above to enter interest charges of different amounts or for different debtors into the batch.
When you have finished entering interest charges, select the Cancel button on the Post Interest Charge screen.

Micronet searches for the debtors to which interest charges apply and then redisplays the Debtor Batch - Post Interest screen. Refer to "Managing Completed Interest Charges Batches".