Problem with interest calculations

[dbant2003]

I am wondering if anyone knows why our interest calculations are not correct. We have terms where invoices are due at the end of the month following. This means that documents having a document date of 07/15/04 is due on 8/31/04. We want to be able to calculate interest on this document at the end of August but base the calculation on the document date. ACCPAC calculates based on the due date and this document is not over due at the end of August. Does anyone know how to have ACCPAC calculate interest based on the document date. We are now doing it with an excel spreadsheet by bringing in all the open documents into excel and age the documents on the document date. The interest charges are calculated and then entered into ACCPAC. We want the system to generate the interest and it now currently misses too many documents to be an accurate interest charge. Any help would be appreciated.

 

[jayconverse]

Accpac will always calculate based on due date, because that's how interest is calculated. It's a GAAP thing. Maybe you need to change your due dates to 0 days instead of End of the Month.

Jay Converse
IT Director
Systemlink, Inc.