Administrative Set-Up for Interest Invoices

How to: Set up Comsense to create interest invoices. 

Environment: Comsense Advantage & Enterprise

In this article:

Creating a Product Cost Group for Interest Charges

Advantage > Maintenance > Product Cost Groups

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Advantage window; shows the Maintenance drop-down menu and the location of Product Cost Groups.
Image 1: Path to Product Cost Groups

In the Product Cost Groups window:

  1. Right-click in the Product Cost Group pane
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Product Cost Groups window; shows the right-click menu and the location of Add.
Image 2: Product Cost Group Window Right-Click Menu
  1. Click Add
    • A fillable line item will appear at the bottom of the pane

In the fillable line item:

  1. Type "Interest Charges" under the Name column
  2. Enter sort sequence number under the Sort Sequence column
    • Sort sequence is the order Comsense sorts the list of cost groups in other windows

Tip: Place interest charges at the end of the sort sequence to prevent misuse of the cost group.

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Product Cost Groups window; shows the new 'Interest Charges' line item.
Image 3: New Product Cost Group
  1. Click OK

 You now have a product cost group for interest charges.

Creating a Project Section for Interest Charges

Advantage > Tools > System Administration > Project Sections

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Advantage window; shows System Administration drop-down and location of Project Sections.
Image 4: Path to Project Sections

In the Project Sections window:

  1. Right-click anywhere in the Project Sections pane
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Project Sections window; shows right-click menu and the location of Add.
Image 5: Project Sections Right-Click Menu
  1. Click Add
    • A fillable line item will appear at the bottom of the pane
  2. Type "Interest Charges" under the Section Name column
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Project Sections window; shows the new 'Interest Charges' linte item.
Image 6: New Project Section
  1. Click Save/Close

You now have a project section for interest charges.

Assigning Accounts to the Interest Charges Product Cost Group

Enterprise >  System Options > Account Assignment

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Enterprise Navigation menu; shows the location of System Options and Account Assignment.
Image 7: Advantage Left-Hand Navigation Menu

In the Account Assignment window:

  1. Click the Cost Group tab
  2. Scroll down to Interest Charges

In the Sales (Revenue) account class line item:

  1. Select the account
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Account Assignment window; shows a general ledger account assigned to the Interest Charges Sales (Revenue) Cost Group.
Image 8: Interest Charges Sales (Revenue) Line Item
  1. Click Save & Close

An account is now assigned to the Interest Charge cost group.

Creating Terms for Interest Charges

Customers require terms for interest charges. The terms are where you identify the number of grace days and the net days for interest invoice payment.

Enterprise > System Options > Terms

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Enterprise Navigation menu; shows the location of Terms.
Image 9: Enterprise Left-Hand Navigation Menu

Interest terms do not require you to fill in every field. See the table below for the required fields.

Column Description
Net Days Number of days to pay full invoice from the invoice date
Net Day of Month The day of the month a customer must pay the invoice
Grace Days The set number of days after an invoice payment is due where you do not charge interest
Table 1: Interest Terms Required Fields

In the Terms List window fillable line item:

  1. Type "Interest Terms" under the Name column
    • Make the name more specific if needed
  2. Enter net days or net day of month
  3. Enter grace days
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Terms List window; shows locatin of the new 'Interest Terms' line item with Net Days and Grace Days fields.
Image 10: Interest Terms Line Item
  1. Click Save & Close

You now have interest terms for the customer.

Setting Up Customers for Interest Charges

You can set up customers individually or apply the interest terms to multiple customers at a time.

Individual Customers

Enterprise > System Options > Customer

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Enterprise Navigation menu; shows location of System Options and Customer.
Image 11: Enterprise Left-Hand Navigation Menu

In the Customer window:

  1. Open the customer
  2. Click the Profile tab
  3. Select the
    • Interest terms
    • Interest section
    • Interest cost group
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Customer window; shows location of the Interest Terms, Interest Section, and Interest Cost Group fields.
Image 12: Customer Window Interest Fields

In the Interest On Past Due field:

  1. Enter the annual interest rate
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Customer window; shows location of Interest On Past Due field.
Image 13: Customer Window Interest on Past Due Field
  1. Click Save & Close

The individual customer is can now receive for interest charges.

Multiple Customers

*Note: Be very careful to use the correct row when using the filter and replace function to update multiple line items! Remember that the first line item is the Filter line item and the second line item is the Replace line item.

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Customer Management window; shows blank Filter line item.
Image 14: Customer Management Filter Line Item
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Customer Management window; shows blank Replace line item.
Image 15: Customer Management Replace Line Item

Enterprise > System Options > Customer Management

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Enterprise Navigation menu; shows location of System Options and Customer Management.
Image 16: Enterprise Left-Hand Navigation Menu

In the Customer Management window Customers tab:

  1. Filter using any of the headings
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Customer Management window; shows Filter criteria in the Filter line item.
Image 17: Filter Criteria

In the Replace line item:

  1. Select the:
    • Interest section
    • Interest cost group
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Customer Management window; shows the interest sections and interest cost groups in the Replace line item.
Image 18: New Interest Section & Interest Cost Group

In the Interest Past Due column:

  1. Enter the annual interest rate
  2. Select the interest terms
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Customer Management window; shows the interest terms and interest past due in the Replace line item.
Image 19: New Interest Terms & Interest Past Due
  1. Click the Replace icon
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Customer Management window; shows the Replace button.
Image 20: Replace Button
  1. Click Save & Close

These customers can now receive for interest charges. You can now Invoice Interest Charges.

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