Apply Penalty/ Interest
Apply Penalty / Interest Overview
You can apply penalties and interest for any items on an invoice that have been designated in the Service or Item table to accumulate penalty and interest charges. Always age accounts prior to applying penalties and interest.
How to Apply Penalty
Select Billing & Receipts.
Select Miscellaneous Billing.
Choose Financial Transactions.
Select Apply Penalty/Interest.
In Selection Criteria, enter the service code and customer cycle to define where you would like to apply penalties.
If the fields are left blank, penalties and interest will be applied to all past due accounts.
In Processing Criteria, choose the processing date for when to calculate penalty and interest.
Select the appropriate fields to apply penalties and interest.
When finished, select (OK).