Use the Interest tab to configure the interest rate, grace period, and transaction code associated with an account’s interest transactions.
1. From the Financial Transactions section of the Setup menu, select Accounting > Accounts.
2. In the List of Accounts grid, click Select next to an account.
General information about the account is displayed in the General tab below the List of Accounts grid.
3. Select the Interest tab.
4. Enter a value in the Grace Period (days) field for the number of extra days before interest rate calculate begins.
5. Select a Transaction Code to associate with a transaction created for the interest charge.
For the interest charge calculation in the Regular FT account, all interest charge transactions generated for the account will have the same transaction code. Additionally, for deposit interest calculation in the Deposit FT account, all deposit interest transactions generated for the deposit account will also have the same transaction code
6. If necessary, click Selection Criteria to adjust the Account Interest Rates Calendar format.
7. Double-click in the Account Interest Rates calendar to display the Interest Rate window.
8. In the Rate field, enter a value for the interest rate percentage. For example, enter 2 for a 2% interest rate.
9. Enter or select the Effective Date and End Date for the interest rate’s date range. Click Save.
10. Repeat steps 7-9 to add more interest rates.
To adjust an interest rate length, click on the edge of the rate bar and drag the bar to the appropriate date.
To delete an interest rate, hover over the rate bar and click .