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Former Member
Jul 03, 2007 at 02:48 PM

VendorPayables Over due Interest calculation.

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Hi Gurus,

Help needed plzz..

needed to caliculate interest on over due payables. There are net 30 payment terma in the system. if for some reason i entered an invoice with invoice date which is 31days or more behind the current date then i need to caliculate interest on the late payment and show it in a report. Or post to an expence account with the same account assignments as the invoice.

say, current date: 07/03/2007 mm/dd/yyyy

invoice date : 05/15/2007

if net 30 days payable term is applied to the invoice and i entered it on current date i.e the posting date. this invoice will get paid immediately in the next payment run, but before i pay that invoice i would have to include the interest caliculate from 06/15/2007 to 07/05/2007(say my next payment run was on 07/05/2007). this like 18 days over due .

How can i caliculate interest on this one the interest rate to be used is 3% .

Gurus please advice on how i need to set up the interest Indicator and all other stuff. i know where i need to set most of the things in interest cali. config., but i need advice on what settings to make, so that we meet the requirement.

help ......