Interest

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keyframe
Posts: 35
Joined: 09 May 2007 14:12

Interest

Post by keyframe » 18 Aug 2008 13:01

I have posted this question before with no response. Is that because no one knows? Please help!

Hi All,

I have an account that has gone substantially past due and will likely have to go to a Collection Agency. Being that it is for a large amount, I would like to give them the option of making payments on their balance, but with some interest.

I am investigating the amount of interest that can be charged and the amount of notice I am required to give before the interest is charged. I am wondering what the best way is to add interest on to a balance in MoneyWorks. I am looking for any suggestions!

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mikeguil
Posts: 192
Joined: 29 Nov 2006 09:49
Location: Elmvale, Ontario
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Post by mikeguil » 18 Aug 2008 14:04

As far as I know there's no 'automatic' way to add interest. I would simply create a 'service' invoice called interest and in the description area, state the rate you are applying to the balance. You should create an account to collect the interest in - consult with your accountant for the best method - and process as a regular invoice.

keyframe
Posts: 35
Joined: 09 May 2007 14:12

Post by keyframe » 21 Aug 2008 12:06

I kind of figured it may be a separate invoice and creating an account for it is ideal. Thank you for your help!

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mikeguil
Posts: 192
Joined: 29 Nov 2006 09:49
Location: Elmvale, Ontario
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Post by mikeguil » 21 Aug 2008 13:44

My pleasure...

Cheers,

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