SYS21 - Interest charges on A/R open items

We are considering using this feature in JBA for the first time.  I've
reviewed the documentation and it seems relatively straightforward, however,
the interest charges being calculated are not what I would expect (they are
much lower).  If we want to charge a rate of 12% per year, what should we
enter in the percentage interest and time basis fields?  I would expect to
enter 12.0 for interest percent and 1=Year for time basis.  We want to
charge interest based upon the open balance as of any given time.  We are on
release 3.5.0.   Thanks in advance for any assistance.

Dan Thomas
Director Information Technology
MDI
4500 Progress Blvd.
Louisville, KY  40218-5058
Phone (800) 870-9526  ext. 120
www.mdiweb.com