Re: Calculate Interest charges on AR past due amounts.

Thanks for the info, Kevin. I also got a call from Jim Boyer at Cistech and he is sending me a document describing the setup/process. That should be a good start.

Thanks to both of you!


-----Original Message-----
From: mapics-l-bounces@xxxxxxxxxxxx [mailto:mapics-l-bounces@xxxxxxxxxxxx] On Behalf Of Kevin Fox
Sent: Wednesday, February 04, 2009 2:10 PM
To: MAPICS ERP System Discussion
Subject: Re: [MAPICS-L] Calculate Interest charges on AR past due amounts.

Jeff

Standard feature of IFM. You need to create new AR payment terms. This will not only calculate the correct interest on only the "past due" amount, but will post the interest to the AR ledgers as well as to the general ledger.

You'll need to work with your accountant/controller to determine what % of the interest will actually be collected. This affects the way the US IRS allows you to "book" interest income.

Kevin Fox

-----Original Message-----

From: "Hazelrigg, Jeff" <JHazelrigg@xxxxxxxxxxxx>
Sent: Feb 4, 2009 1:59 PM
To: MAPICS ERP System Discussion <mapics-l@xxxxxxxxxxxx>
Subject: [MAPICS-L] Calculate Interest charges on AR past due amounts.

I have been requested to determine a method to calculate a monthly interest charge based on AR "Past Due" amount. (and preferable load back into IFM AR)

Has anyone done this and if so, how did you calculate the interest charges.
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