Invoicing Interest Charges

How to: Invoice customers for outstanding interest charges.

Environment: Comsense Enterprise

In this article:

*Note: Before proceeding with this article, you must complete Administrative Set-Up for Interest Invoices.

Accessing Customer Interest

Enterprise > Receivables/Invoicing > Customer Interest

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Enterprise Navigation menu; shows the location of Receivables/Invoicing and Customer Interest.
Image 1: Enterprise Left-Hand Navigation Menu

Understanding the Customer Interest Wizard

The Customer Interest Wizard creates all the transactions and journal entries required to create an invoice. In the Customer Interest Wizard, you select the options for generating the invoices, the invoicing division(s), and the customers. Below are the options fields for generating interest invoices.

Field Description
To Date The date the interest charges are effective

Calculate Interest

on Projects

Check the checkbox if you calculate interest on projects
Combine to Division The division that creates all transactions and journal entries required for the invoicing
Table 1: Interest Invoice Options

*Note: If a division must process their own transactions, invoice that division individually.

Completing the Customer Interest Wizard

In the Customer Interest window:

  1. Click Next

On the Options & Division page:

  1. Complete the top pane using Table 1
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Customer Interest Wizard; shows the invoicing Options fields.
Image 2: Customer Interest Invoicing Options
  1. Select & Remove any divisions to exclude from the interest invoices
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Customer Interest Wizard; shows the assigned divisions and the location of the Remove button.
Image 3: Removing Divisions
  1. Click Next

On the Options page all customers with interest rates from the selected division are in the Assigned Customer pane.

  1. Select & Remove any customers you do not want to include in invoiving
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Customer Interest Wizard; shows the assigned customers and the location of the Remove button.
Image 4: Removing Customers
  1. Click Next
  2. Click Finish

You now have a list of customers that owe interest.

Creating the Interest Invoices

The Customer Interest window shows you a list of customers that owe interest according to past due invoices and terms set in the Customer window. The Suggested Interest column uses Per Diem Interest Formula.

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Customer Interest window; shows the location of the Suggested Interest column.
Image 5: Suggested Interest Column

The Interest column is the interest showing on the invoice. You can update this field.

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Customer Interest window; shows the location of the Interest column.
Image 6: Interest Column

In the Customer Interest window:

  1. Update the Interest column as needed
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Customer Interest window; shows the updated interest amount.
Image 7: Updated Interest Field
  1. Update Invoice Date, Journal Date, Note, or Internal Note fields if required

If you do not want to create an invoice for a customer:

  1. Uncheck the Selected checkbox
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Customer Interest window; show an unchecked Selected checkbox.
Image 8: Unchecked Selected Checkbox
  1. Click Save & Close
    • The Process Customer Interest - Work Flow window will open with all completed transactions required for an invoice

You now have interest invoices for the customers.

Viewing & Exporting the Interest Invoice Report

In the Process Customer Interest - Work Flow window:

  1. Click a Complete Invoice
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Process Customer Interest - Work Flow window; shows the location of a Customer Invoice line item.
Image 9: Interest Invoice Link

In the Read-Only Invoice window:

  1. Click Print
  2. Select the export method
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Example of Interest Invoice report.
Image 10: Customer Interest Invoice

You now have the interest invoice report.

Per Diem Interest Formula

Comsense calculates the values for the formula using the customer's interest options, terms, and the past due invoice. The interest formula is per diem interest.

Values

A = Total interest owing

P = Initial balance subject to interest

r = Annual interest rate

d = Time (in days) past the grace period

Formula

A = d x r x P / 365

Example

A = 45 days x .18 x 3000 / 365 = 66.57

A = 66.57

The interest owing is $66.57.

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