Recording interest on an outstanding invoice

To enter the interest amount as a payable or receivable charge to the supplier or customer:

1. Select Transaction Entry from the Transaction menu. The Transaction Entry dialogue box appears.
2. Complete the required fields in the Transaction Entry dialogue box, and either select:

• Expense (EX) from the Type drop-down menu and Interest Charges from the Account drop-down menu to enter the amount as a payable charge
• Income (IN) from the Type drop-down menu and Interest Income from the Account drop-down menu to enter the amount as a receivable charge 

Last updated on August 22, 2014 by FCC AgExpert