Juvonno can calculate interest on outstanding invoices based on the financing settings you configure for your clinic.
When to Use This
Use this feature when you want to charge interest on overdue invoices.
Permissions
- Access to Settings > General
Contact your clinic administrator if you don't have the required access.
Instructions
Enable Interest Rate in Modules
- Go to Settings
- Under System & Company Settings, select General
- Click Modules
- Go to the Advanced section
- Find Interest Rate and select Enabled
Click Save
Set Up Financing in Accounting
- Go to Settings
- Under System & Company Settings, select General
- Click Accounting
- Go to the Financing section
- Complete the following fields:
- Monthly Interest Rate: Enter the percentage you want to charge each month
- Grace Period: Enter the number of days before interest begins to accrue
- Minimum Interest Charge: Enter the minimum amount of interest to be charged
- Minimum Transaction to Accrue Interest: Enter the minimum transaction amount required for interest to apply. Transactions below this amount will not accrue interest
- Calculate Charges From: Choose when interest should be accruing:
- Invoice Date: Interest is calculated based on the date the invoice was created
- Due Date: Interest is calculated based on the invoice's due date
- Click Save
Result
Interest will be calculated on eligible outstanding invoices based on the financing settings you've configured.
When an invoice is paid, the interest will appear as Finance Charges.
Juvonno will also create a separate invoice for the interest charge. The invoice number will include the -fc suffix.
The invoice will show the applicable Finance Charges.
Things to Know
- The Grace Period, Minimum Interest Charge, and Minimum Transaction to Accrue Interest settings determine when interest is applied.
- The Calculate Charges From setting determines whether interest is based on the invoice date or due date.
Troubleshooting
Interest isn't being charged on an invoice.
Check that the invoice meets the requirements set by your Grace Period and Minimum Transaction to Accrue Interest settings.