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Apply interest in TOPS [One] AR accounts receivable
FollowTOPS [One] Version 3.1.3.3, Revision 0, last updated 05-25-2017
The AR Charges function gives you the ability apply charges to your owners’ accounts. The following steps will walk you through applying interest to your owners’ accounts.
Step-by-Step
- Click AR Accounts Receivable and select AR Charges.
- Click Actions and select Interest.
- Under Function, ensure that Apply Interest is selected.
- Under Post Date, enter in the date you want the prepaid to hit the owners’ accounts.
- Under Scheduling, select This Time Only.
- Under Settings, fill in the appropriate information
- Delinquency Date – This is the as of date for the balance.
- Days – Enter in the total number of days you’re applying interest for.
- Interest Rate – Enter in your annual interest rate.
- Note on Calculation – The program calculates the interest using the following equation: (Balance Due x Annual Interest x (Days/365)); where Annual Interest is Interest Rate, and Days is Days.
- Under Owners, choose the appropriate selection.
- All Owners – This option will select all of your owners.
- Selected Owners – This option will open up the Select Owners table where you’ll be able to select individual owners.
- Under Select Owners, select the owners that will be receiving interest charges.
- Under Interest, select the type of interest you’ll be using.
- Interest Based on Selected Account Codes – Choosing this option will open up the Codes table where you’ll be able to select which codes will be eligible for the interest calculation.
- Under Codes, select all of the codes that are eligible for interest.
- Simple Interest – Simple interest will calculate ALL charges, excluding interest charges.
- Compound Interest – Compound interest will calculate ALL charges, including interest charges.
- Interest Based on Selected Account Codes – Choosing this option will open up the Codes table where you’ll be able to select which codes will be eligible for the interest calculation.
- Click on Accrue (
).
- Review the details of this transaction.
- Finally, click on Post.
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