Automate Apply Interest
TOPS [ONE] Version 220.127.116.11
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.
We recommend applying prepaids before you
-Apply Late Fees
-Run Delinquency Reports
Applying Prepaids will prevent owners from appearing on both the Aged Owner Balance report and the Prepaid Balance Report.
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:
Schedule Accrues the waive and notifies to review and post the charges. OR
Automate Accrues and posts the waive without any further user interaction.
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.
8. Schedule Job
Fill in the information requested
9. Once you've filled out the information, select Schedule or Automate on the top right corner
Where do I see my scheduled/automated jobs?