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Multiple Interest Rates

Multiple Interest Rates

Owned by Lango: Language and translation manager
Last updated: Sept 03, 2024Version comment
1 min read

If in the Sales & Receivables Setup is a symptom of Multiple Interest Rates = A, the system for generating finance charge memos will not use the interest rate from the finance charge condition, but from this table.

The availability of the dial is from the dial Penalty Terms, across Related > Terms > Interest Rates.

After confirming the selection, the system will display the dial pad Multiple Interest Rates.

Field:

  • Valid From Date

    • Specifies the start date that will be used to determine the interest rate

  • Interest Rate

    • The percentage rate for calculating finance charge for this finance charge code

  • Interest Period (Days)

    • Number of days in the period in which the finance charge rate is to be applied

    • The field is REQUIRED if the selected finance charge calculation method is Average Daily Balance

    • If a daily rate is entered, the finance charge period is 1 (see image above: 1.5% is the daily rate, the period is then 1)

  • Use Due Date Interest Rate

    • Specifies the interest rate to be applied to the due date of the penalty item.