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Former Member
Jul 03, 2007 at 02:48 PM

VendorPayables Over due Interest calculation.


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 ......