Overdue Interest Code Maintenance

Use this form to set up interest codes which are used to calculate interest on overdue customer accounts using the Prepare Statements process. Each customer is assigned an overdue interest code.

Options Reference

Each option and field on the form is described below. Mandatory options and fields are highlighted in red.

Code / Description

Enter a unique code (up to six characters) and description (up to 30 characters) to represent the interest rate you are setting up.

Rate

Enter the percentage of interest to be charged on overdue balances for this interest code.

Charge period

Select the earliest period for which interest should be charged on this interest code.

Messages

Enter a message relative to each overdue period.

If the option to Print overdue messages on statements is selected for a customer, these messages print on the customer's statement beside overdue balances if interest is charged.