A screen for recording an interest rate against an account, with a date range, a calculation method and the account the interest itself should land in.
Nothing in MISAC reads these rows. No voucher, no report and no automatic run uses them. A rate entered here has no effect on any figure anywhere in the product.
When to use it
Nothing today calls for this screen. Interest that is actually charged or accrued comes from somewhere else:
- Interest accrued on an account is worked out by an automatic posting run. That run reads an interest setting held on the account itself. The setting is not this screen and cannot be edited from any screen; your administrator sets it up.
- Late-payment fines on rent and fees come from the fine and discount policy attached to the charge, not from an interest rate.
Before you start
Nothing. If you were asked to "set the interest rate in Setup", find out which of the two above is meant, because it will not be this screen.
Where to find it
Setup > Interest Setup.
The fields on this screen
| Section | Field (on screen) | What to enter | Required |
|---|---|---|---|
| Ledger Info | Ledger Name | (not explained yet) | No |
| Ledger Info | Interest Ledger | (not explained yet) | No |
| Interest Info | Interest Ledger Effect | (not explained yet) | No |
| Interest Info | Applicable From | (not explained yet) | No |
| Interest Info | Applicable To | (not explained yet) | No |
| Interest Info | Calculation Method | (not explained yet) | No |
| Interest Info | Interest Rate | (not explained yet) | No |
How it works
Nothing happens after you save. The row is stored and never read back. Saving a rate here does not cause interest to be calculated, does not post anything, and does not appear on any statement.
Tips and common mistakes
- Do not record an agreed rate here for reference, because nobody else will find it. Put it in the note on the account or the agreement it belongs to.
Related guides
The Ledger master is where an account's real interest setting belongs. Discount / Fine Policy covers late payment charges on rent and fees.