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Interest Calculation - List by Documents

Interest Calculation - List by Documents

Interest Calculation - List by Documents

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In comparison to custom calculation you cannot enter principals in the panel for calculating default interest by documents but they are read out from the selected account card. The calculation is carried out based on individual linked document. That is why any partial payments or all changes made to the principal within the interest-bearing period appear in the calculation. The interest are calculated from due date (excluding the very date) till the date of payment: interest are not calculated for the due date.

Interest are calculated (similarly, as in custom calculation) based on interest rates that have been entered in the panel for setting up interest rates.

For a more detailed treatment of methods used in calculating interest see:

47272.gif

General

Account
Enter account from which the principal and interest transactions are read. It is by default the first customer account that can be found in parameters (Administration Panel | Settings | Program Parameters | Financials | General). 
Calculation Type
Select type of calculation to be used (that is, you are offered one):
  • Customer - to calculate interest on receivables from customers
  • Supplier - to calculate interest on payables to suppliers
Subject
Restrict the report by individual subject.
Type of Interest Rate
Open the interest rate table containing data on corresponding rates (see setting up interest rates).

See 49157.gifUse Interest Rate from Subject.

You cannot leave the field empty. You must enter it even in case you use interest rate frin Subjects register. Otherwise, an error is returned (see The type of interest rate must be specified!).

Subject Type
Restrict the report by individual subejct type.
Linked Document
If required, restrict the report by individual linked document.
Document
If required, restrict the report by individual document.
Currency
The currency set is by default the primary currency from program parameters .
Min. Amount (per Doc./ per Subject)
Exclude the amounts smaller than the one entered here from interest calculation. The value is by default set to "-1" meaning that this restriction will not be used.
Example: If you enter »100«, interest calculations of those documents where calculated interest are smaller than 100 euro, will not be displayed.
Grace Period
Exclude the amount from interest calculation on which interest will be calculated only for as many (or less) days as set in the field. The value is by default set to "-1" meaning that this restriction will not be used.
Example: If you enter »5«, interest calculations of those documents where interest are calculated for 5 or less days will not be displayed.
Nominal Int. Rate
Here you can enter the nominal (annual) interest rate to be used INSTEAD of the once from the table (see interest rates) . It is suitable for example when you try to calculate interest on receivable or payable using the entered revaluation interest and a fixed annual interest rate. For sake of this you need not create a new interest table: for example, use revaluation interest that can be found in default interest table and just enter the fixed annual nominal interest rate.
The value is by default set to "-1" meaning that nominal interest rates from the table of interest rates are used.

Overpayments and Prepayments

They are dislplayed for the same linked document. However, it must be specified how are they to be displayed in the interest calculation. If overpayment/prepayment is related to the same linked document, it affects the amount of principle, on which interest are being calculated. Whether interest are calculated on the amount, or not, and in what way does it in the end affect the total interest calculation may in practical use be agreed between the contractual parties. For examples see Prepayments and Overpayments.

49158.gifShow Overpayments
The amount of prepayment/overpayment is displayed in a separate line of interest calculation together with the date. this way it is not marked whether interest will be calculated on prepayments/overpayments, or not! to do so check the field:
  • overpayment - If the invoice was settled in the amount greater than the one issued in receivable
  • prepayment - If the invoice was settled with prepayment and having closed prepayments, in this way ensuring that prepayment amount is assigned the same linked document number.

When closing prepayments select the date from which on you want to calculate interest as the journal entry date!

49159.gifCalculate Overpayment Interest
The interest on prepayment/overpayment will be calculated in negative amounts, thus deducting them from the total amount.
49160.gifDecrease Principal by Overpayment Interest
It is not wise to check it when using the variable interest rate (proportional method)!

The calculated negative interest on overpayment/prepayment will be deducted from the principal.

49161.gifShow Actual Due Dates
Because the due date is not considered as belonging to the interest-bearing period, the interest calculation report displays the first day following the due date.
If checked, the report nontheless displays interest-bearing period including due date.

See example of a document 345 with due date on January 1st, 2000 and the payment settled on February 5th, 2000:

  • If checked, displays "1.1.2000 to 5.2.2000" as the interest-bearing period.
  • If left unchecked, displays the actual period for which you calculate interest, that is "2.1.2000 to 5.2.2000"
49162.gifUse Interest Rate from Subject If you entered an interest rate to be used in calculating default interest on payments in Customers register (in case you selected Customer for the type of calculation) or Supplier ((in case you selected Supplier for the type of calculation) the interest will be calculated in the following way:
  • If checked,, the interest rate table from the Subjects register will be used. But if you have not entered any interest rate table, data from the Types of Interest Rates and Nominal Int. Rate fields are used.
  • If unchecked, data from the Types of Interest Rates and Nominal Int. Rate fields are used.

Other

Add Interest to Principal
It is wise to use these checboxes only in fixed intererst rate (conforming)!

In some contract clauses it is specifed that interest are calculated on a monthly basis; but they are NOT added to the principal in the next interest-bearing period. In such cases you can select that revaluation or real, or both types of interest will not be added to the principal.

  • Add Reval. Interest - It is checked by default. Revaluation interest will be added to th principal in the next interest-bearing period.
  • Add Real Interest - It is checked by default. Real interest will be added to the principla in the next interest-bearing period.
Document Status
Select among the following:
  • Open– When calculating interest on outstanding items.
  • Closed– When calculating interest on closed items. In accordance with the explanation given by the professional public it is the most adequate method used in calculating default interest.
  • All - When you want to calculate interest on all documents

Interest-bearing Period

Overdue/paid/finished (From - To)
Enter date margins of the interest-bearing period. They are applied in different ways, according to the document status you selected:
  • for documents with the Open status - The entered date margins represent document due dates (from-to). The interest are calculated for documents matching the selected criteria, and that is, ONLY for the selected period (from-to). Using this method of calculation you must select the first day of the month in the date from field and the last day of the month in the date to field.
    47273.gif
  • for documents with the Closed status - The entered date margins represent payment dates, that is, dates when the document was closed. Here calculating interest shows interest from documents matching the selected criteria, that is, for the ENTIRE linked document from due date till the date on which it was closed.
    47274.gif
  • for documents displayed after having selected the All status - the date margins represent

     

    • due dates for  open documents
    • payment dates, that is, dates on which documents were closed for closed documents

    47275.gif
    Here calculating interest shows interest from documents matching the selected criteria, and that is, ONLY for the selected period (from-to). Using this method of calculation you must select the first day of the month in the date from field and the last day of the month in the date to field.

49163.gifCalculate Interest for Closed Lines
If you try to calculate interest for closed documents or those when having selected All, a question arises whether default interest should be calculated on default interest for the period from the day when the document was closed till the end of the of the period incuded in the report (date TO).
  • If checked, default interest will be calculated on default interest from the day when the document was closed till the date from the To field.
  • If unchecked, default interest will be calculated only till the day on which the document was closed (It is suitable for calculating default interest).
49164.gifCalculate Lines without Subject Typically, interest are calciulated on subject accounts where a subject is specified. That is, it is required you set it in line of posting and closing.

To calculate default and contract interest on accounts where the subejct is not specified  (that is, they are not subject accounts) check a corresponding checkbox so that interest are calculated for such records as well. Such as for example calculation of default interest on overdue unpaid liabilites to state. There is one condition, though, and that is the linked document of post and its subsequent closing must be entered accordingly.

Report Type
Interest can be calculated in various different ways:

All the above-mentioned examples include interest calculatated for closed documents using conform interest rate!

 

000001.gif See Taskbar for a general description of its functions.



 

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