Charges for overdue customer accounts should be set to run automatically during the end of day process on the last day of each month. If this process has not been completed successfully, you may be required to run the account charges manually before aging the customer account statements.
Manually charge for overdue account balances
From the Minfos Launchpad:
1. Open the Customers module.
2. Select Account Charges, either via the icon, or select the Functions tab in the menu bar and then select 3. Account Charges.
The Overdue Account Charges window is displayed.
3. In the Month of field, enter the last date of the applicable month.
4. In the Charge Type dropdown, select either Interest on Overdue Accounts or Flat Fee per Period.
If Interest on Overdue is selected, the monthly interest on the closing balance will be calculated using the interest rate per annum. This amount will be charged to the customer account. If Flat Fee Charge Type is selected, customer accounts will be charged the relevant flat fee for their number of days overdue. You can choose to charge accounts with balances over a particular value.
5. If Interest on Overdue is selected:
a. Check the Charge Cut Off value. If the calculated interest is less that this value the interest will not be charged to the account. Update if required.
b. Check the Interest rate p.a. Update if required.
c. Go to step 6.
If Flat Rate per Period is selected:
a. Check the Flat fee for 30, 60, 90 Days fields. Update if required.
b. Check the if Overdue amount is greater than fields. Update if required.
6. Tick the Run checkbox.
7. Click Okay.
The overdue account charges will be applied.