Debtor Overdue Charges - Fixed Amount

Modified on Tue, 21 Apr at 8:15 AM

TABLE OF CONTENTS

Summary

This article explains how to configure Synergetic to calculate a Fixed amount on overdue charges.

Each debtor with an Overdue Balance for a statement, will be charged a fixed amount.

First you will need to configure your system to know hoe much to charge and who is eligible.

In Debtors > Debtor Maintenance > General Tab each debtor who is eligible to have interest charged needs to have the 'Allow Interest to be charged' Flag ticked

2. In Debtors > Debtor Fee Code Maintenance you need to specify the fixed amount you intend to charge on the Fee Code

3. Then in Debtors > Debtor Overdue Charges

You need to complete the following fields

Minimum balance
Statement group
Student Campus (you can leave this blank if you wish to include all)
Charge Type - Fixed Amount
Fee Code - You will see next to the Fee Code the Amount that was set on the Fee Code
Charge Date
Description

This process will not take into account part payments on overdue balances and will still the whole amount to the account. If you wish to take into account payments made you may wish use interest rate calculations.
See https://help.synergetic.net.au/s/article/Debtor-Overdue-Charges-Interest-Calculated-Daily

Once a Debtor has been Deleted or Archived you can not use this method to calculate interest on the balance outstanding prior to being archived