Interest Codes

Menu Path:  Billing & Receipts, then Reference Tables, then Miscellaneous Billing, then Interest Codes

Interest code records define how interest charges for late payments are calculated and set the minimum interest amount, least interest amount, and account charging information.

If your organization does not charge interest, you can set up an NA code. Since the NA code has zeroes in the Amount and Percent fields, it does not require accounting information. Interest is a recurring charge, a percentage of the amount due on a delinquent amount.

Add Interest Codes

1. Choose the Interest Codes page.

2. Click Add New.

3. Enter an Interest Code and complete the following fields:

   • Interest Percent - Percent for the interest.

   • Interest Minimum - Minimum amount of interest to charge.

   • Interest Least - Lowest amount to charge interest on.
     

   • Interest Account - Revenue account for the interest.

   • Interest Cash - Asset account for the interest cash.
     

4. Click OK.

Update Interest Codes

1. Choose the Interest Codes page.

2. Enter criteria identifying the records to list, and then click Find. To run an advanced search, click Advanced.

3. Select the desired record, then click OK.

4. Update the fields as needed. For details, refer to the Fields section below.

5. Click OK.

Generate Interest Code Reports

1. Choose the Interest Codes page.

2. Click Print.

3. Specify how you want to generate the report, then click OK. The report's default file name is mrintrst.rpt.

Delete Interest Codes

1. Choose the Interest Codes page.

2. Enter criteria identifying the records to list, then click Find. To run an advanced search, click Advanced.

3. Select the desired record, then click Delete.

4. Click Yes.