How to charge interest in Synergy


TABLE OF CONTENTS

 

Setup Interest

To set up interest charges for your clients, go to:

  1. Company/setup
  2. Select the Accounts Receivable tab
  3. Double click on Configure Module
  4. Select the Clients tab
  5. Tick Add Interest to Overdue Accounts. 


 

Charge Interest (Monthly Accounts) 

 

If we set up the 'Interest Charge' on the overdue accounts, then the clients based on the monthly payment terms, with an overdue amount, will be charged interest before the end of the month. Interest journals will be created for those clients. 




To Generate Interest for Monthly Accounts:

  1. Select "Month End Menu" from the Accounts Receivable Tasks menu. 
  2. Select "Charge Interest (Monthly Accounts)." 
  3. Select those clients you wish to generate interest for. 
    1. You can use the "Select All" and "Deselect All" buttons to aid in this process. 
  4. Select "Generate".


Important Note: There are laws that apply regarding how businesses apply interest charges. Please seek relevant legal advice before setting up and applying interest charges to your customers.



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