Use the Customer Selection section to choose which customers to calculate and pay interest.

• All Customers- Selects all customers with Pay Interest selected and a credit balance.
• One Customer- Enter the customer account ID or select F12 to search.

The Assessment Date defaults to the end date of the last period. Select the drop down menu to change to select the current period.

Previous Assessment Date defaults to the end date of the previous period. Change the date using the mm/dd/yy format or select from the drop down calendar.

Enter the Assessment Rate which is the percentage used to calculate interest.

Interest is calculated using the same Average Daily Balance method as finance charges - (((Interest Rate * Invoice Amount) / 365) * # of Days in Assessment Period the invoice was due). I.E.- Interest is assessed on an invoice for -$3000, due on May 31st, at a rate of 18% from July 31st through August 31st. The interest would be - (((.18 * $3000) / 365) * 31) = $45.86

GL Period- General Ledge Period - Defaults to the last period. Select the drop down to choose the current period.

Process Type- Select

• Proof- Calculate and review interest for customers.
  • When Proof is selected, Print and Preview are available options for the report.

Select Preview to view the report onscreen.

Select Print to send the report directly to the default printer.

• Live- Calculate and apply interest to customers.
  • When Live is selected, select Post to apply interest to customer accounts.

When interest is posted, it will credit Accounts Receivable and debit the Interest Paid Account set on the AR > Interest and Finance Charges tab of Merchant Ag FIN > Admin > Installation > Access Parameters.