Apply Interest

TOPS [ONE] Version 4.2.4.1

 

Description

The AR Charges function gives you the ability to apply charges to your owners’ accounts. The following steps will walk you through applying interest to your owners’ accounts.

 

Step By Step

1. Click Accounts Receivable then select Charges.

2. Click Apply Interest 

3. Under Function, ensure that Apply Interest is selected.

4. Under Post Date, enter in the date you want the interest to hit the owners’ accounts.

5. Under Scheduling, select This Time Only.

6. Under Settings, fill in the appropriate information

Delinquency Date – This is the as of date for the balance. 

2. Days – Enter in the total number of days you’re applying interest for.

3. Interest Rate – Enter in your annual interest rate.

Note on Calculation – The program calculates the interest using the following equation ((Balance Due X Annual Interest)/365) X Days; where Annual Interest is Interest Rate, and Days is Days.

4. Under Owners, choose the appropriate selection.

All Owners – This option will select all of your owners.

Selected Owners – This option will open up the Select Owners table where you’ll be able to select individual owners.

Under Select Owners, select the owners that will be receiving interest charges.

5. Under Interest, select the type of interest you’ll be using.

Interest Based on Selected Account Codes – Choosing this option will open up the Codes table where you’ll be able to select which codes will be eligible for the interest calculation.

Simple Interest – Simple interest will calculate ALL charges, excluding interest charges.

Compound Interest – Compound interest will calculate ALL charges, including interest charges.

7. Click on Accrue (AR_Accrue.png).

 

8. Review the information on the page

You can also Click Actions then Print Preview to see a report of the interest candidates before posting. 

9. (optional) To make edit the interest amount, or to remove an owner in this batch, click the  icon. 

 Discard any changes to that owner

 Save changes made

 Remove owner from batch.

 

9. Finally, click on Post.

 

 

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