To calculate interest on arrears, proceed as follows from the Accounts Receivable or Accounts Payable menu:
1. Choose Periodic processing → Interest calculation → Arrears
→ Without open items
→ With open items
→ Without postings
→ Free selections
The system displays the screen for entering your selection criteria.
You specify the following:
· Selection criteria
You can specify an interval for accounts and company codes. In addition, you can restrict the interest calculation to only those accounts with certain interest indicators, or to reconciliation accounts or to special G/L transactions.
· Calculation period
If you choose the Free selections option, you can enter a lower and upper limit for the calculation period directly. If you choose one of the other three options, you can specify only the upper limit, and the system uses the value of the Last key date field in the master record as the lower limit. The program checks the items for this period. Alternatively, select the Include date of last int calc. parameter in which case the program uses the upper limit entered in the last interest calculation run as the lower limit of the calculation period. This ensures that calculation periods do not overlap. If you select the Calc. int. from net due date parameter, the program calculates interest as of the due date for net payment, ignoring any lower limit.
· Calculation of interest
The rules for calculating interest are stored under the interest indicator. If you are using the Gregorian calendar, you can specify that, when one occurs, a leap year is taken into account when calculating interest. You determine which calendar type is used by specifying this under the interest indicator.
· Form and printing the letters
You can specify your own form to define which information is contained in the form or the letter. If you do not do this, the form stored in the system is used. You must also specify the date of issue for the letter.
2. Specify the appropriate data. You reach the second screen page with the scrolling (page down) key.
It is possible to have the system automatically post debit or credit interest by batch input. To do this, select the Post interest settlements parameter. The date of the last interest calculation run is updated by batch input in the master record. If you require this, you must select the Maintain master records parameter.
3. Choose Program → Execute to calculate the interest.