You can configure Minfos to automatically charge interest on customer accounts with overdue balances. Set a per annum percentage rate for all overdue accounts, and choose the minimum interest amount to charge. For example, you can choose not to charge interest to accounts where the calculated interest is less than $1.

Once configured, interest will be automatically calculated as part of the end of day process at the end of the month.

Configure % interest on overdue customer accounts

1. Contact Minfos Support to enable Auto interest charges.

2. Enter interest details in Shop Config

From the Minfos Launchpad:

a. In the menu bar, click the Special tab, and select Utilities.

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The Utilities module is displayed.

b. In the menu bar, click the Config tab, and select 1. Shop Configuration.

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The Shop Configuration screen is displayed.

c. In the Shop Configuration screen, click the Customers tab on the left menu.

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d. In the Interest rate p.a. % field, enter the per annum interest rate.

e. In the Greater than field, enter the minimum interest to charge. In this example, accounts will not be charged interest calculated below $1.

f. Click OK to save the changes.

3. Ensure the Charge Interest on overdue amounts checkbox is checked on individual customer accounts.

This checkbox is located on the Customer Editing screen on the Accounts tab. 

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Once configured, interest will be automatically calculated as part of the end of day process at the end of the month.