Interest on overdue debtors

Parent Previous Next

You may generate transactions for those Debtor accounts, which are overdue and have a percentage monthly interest entered in the Edit → Debtor (Accounting Information tab) menu option.

If this option is initiated, TurboCASH will calculate the Interest and generate the transactions. Once the batch has been posted, the Debtor accounts will be increased (debited) and the selected contra account (e.g. interest received - income account) will also be increased (credited).

To Generate Multiple Transactions for Interest on Overdue Debtor Accounts:

1.Click on the Batch Entry icon, or click on the Input → Batch Entry menu.

F2

The Batch Type screen will be displayed.

2.Select the Batch Type (except Payment and Receipt Journals, which is linked to Bank accounts) and click on the Open button. The Batch Entry Transaction screen for the selected Batch Type will be displayed.

3.Enter the Alias (Batch Name) in the Change Alias field.

4.Click on the F10: Batch Setup icon and select the Contra Account. This is the account to be credited with the generated transactions. This account should be an Income or Interest Received account.

Contra Accounts selected on the Generate Multiple Transactions screens does not work.

5.Click on the F9: Process icon. The Process the batch options screen is displayed.

6.Select the Generate Multiple Transactions option. The Generate Multiple Transactions screen will be displayed.

7.Select the Interest on overdue debtors option. The screen will change to reflect the options for this option:

8.Select and enter the following:

a)Date for Transactions - Enter or select the date for which the transactions should be generated.

b)Contra Account - Leave blank.

Contra Accounts selected on the Generate Multiple Transactions screens does not work.

c)Number of days overdue - Enter the number of days the account is overdue. Note it is important that the correct number of days be entered here. TurboCASH will use this to calculate the Interest amount.

8.Click on the OK button. The Generate Multiple Transactions screen will automatically be closed and TurboCASH will calculate the Interest and transfer the calculated interest transactions for the Debtors which have a monthly interest percentage entered in the Edit → Debtor (Accounting Information tab) menu. The transactions will be imported into the selected batch.

Created with the Personal Edition of HelpNDoc: Free iPhone documentation generator