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Setup Interest Code to avoid interest calculation for Grace Days

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Posted on by Harshal Patwa

30

Hi,

The requirement is to calculate interest at 1.25% / month.

Conditions: 15 days grace period.

Eg. Payment terms is 30 days

and Payment is received on 50th Day. Then interest should be only charged for 5 days. i.e 50 - 30 (terms) - 15 (grace days) = 5.

I have tried to setup a code as a single rate with 15 grace days.

Output/Result:

Till 15 days no interest note is created.

But on 16th day interest note is created for 16 days calculated interest. I would it to be created just for 1 day.

Thanks,

Harshal

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PH-05112013-0 18 on at

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Setup Interest Code to avoid interest calculation for Grace Days

I too are also looking for a solution for the interest calculation to only start calculating from the payment due date plus the grace period.

Did you manage to obtain a solution?

Kind regards

Phil.
Harshal Patwa 30 on at

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RE: Setup Interest Code to avoid interest calculation for Grace Days

Nope, still no solution
Maxim_msk 845 on at

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RE: Setup Interest Code to avoid interest calculation for Grace Days

Hi,

any solution on this topic?

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