Ability to Accrue Interest on Types of Prepayment

Overview

Use this job aid to accrue interest on types of prepayments. If an interest credit table is set to accrue interest on prepayments, bring up another window to select the applicable prepayment types.

To Setup to accrue interest on types of prepayments:

1. From the Toolbar, click ACR for Accounts Receivable.
2. From the Accounts Receivable menu, select Setup Information, and then select Finance Charge Tables.
3. In the Finance Charge Table box, click Lookup or type * and Click OK.
4. Then select the Finance Charge Table you want to edit and select.
5. Click Next, two times, until you are on the Interest Credit Setup Screen.
6. In order for you to be able to accrue on prepay types you first need to set the Accrue on Prepayments at a 1) only if No past due or 2) Always Accrue. Click OK.
7. Once you set the Accrue On Prepayments to a 1) or 2) then you will receive another screen that allows you to choose the type(s) of prepay that you want to accrue on.
8. Click OK, this will save your changes to the Finance Charge Table.

Learn more about Account Processing feature:

• Transferring Balances
• Aging and Finance Charges
• Process A/R Statements
• Adjust Due Dates
• Ability to Accrue Interest on Types of Prepayment
• Charging a One Time Late Fee