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Introduction This wizard walks you through processing interest for past due accounts. Usually Interest is added to overdue accounts at the beginning of each month after the due date has past, but other interest schedules can be followed. This system allows you to enter different Interest rates for each due date that has gone by. Before the Interest Register is generated, the amount of interest for each roll is calculated and added to its account as a pending transaction. If you cancel out of this Interest Wizard before updating, these pending transactions are deleted and will not show up on a Water Inquiry.
Note, that the Billing tab of the Tax Master has a Charge Interest field that determines which rolls get charged interest. As well, interest is normally only calculated on the principal owing. Compound interest must be turned on using the Setup wizard's Chg. interest on interest option
This step allows you to change the interest rates that will be used in calculating the amount of interest. Used here by the Interest wizard, the default interest percentage that will be used for
regular and manual billings is set in the Setup wizard. It can be changed once for this and all subsequent interest runs. Also set in the Setup wizard, the default arrears percentage amount
can be overridden for a single run, but the arrears interest rate will be set back to this default for the next interest run. You can even apply a different rate for each due date if you need to
do so. If the Percent field in the table is greyed out, that due date has not yet passed, and no interest will be charged on those amounts still due.
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[Setup] [Billings] [Interest] [Notice] [Year End] |
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