Finance Charges

Top  Previous  Next

Finance charges for late payments or paying interest on positive balances.


Go to Customer > Finance Charges. Below is a list of customers who will pay interest.

Hover the mouse over the different menu options. If the cursor changes to a hand (Hand_Cursor), then click to go to the subject.

Security Setup GeneralOpen HelpTabsUnlock MonitorQuick AddCalendarDashboardQuick_Access_Menu

Quick Add ConversationsCompanyEmployeeQuotesWorkshopStock ItemsSupplierLedgerinvoiceFileCustomerextraCustomer optionsContactsConversationsAge analysisFinance ChargesStatementsCustomer detailCustomer journalsReceiptsCustomer add or editCustomer enquiryCustomer linked allocationCustomer lookupCustomer extended lookupCustomer Main Menu


Hover the mouse over the different fields on the form. If the cursor changes to a hand (Hand_Cursor) , click to get more information.

WSCashVIPSuspendedSelect VisibleAllocationsCheckBoxSummary BarRow SelectorSearch RowProcessUpdateEdit FilterTerms DaysSelect VisibleGrid ReportCustomer_Interest

To Allocate Column:

Amounts shown in this column mean that there are still payments/credits that must be allocated to the invoices/debits.

See Customer > Enquiries.


Example of how the interest is calculated.

E.g. say the date is July (July is the current month) and the payment terms is 30 days.

Thus, May and April are already overdue and June is payable on or before 31st of July



Current (e.g. July)

30 Days (e.g June)

60 Days (e.g May)

90 days (e.g April)







If you put in the date as 1 August on the interest form, then SI+ will calculate the interest on 1200 (June + May + April)

If you used a date in July the interest would be calculated on R700 (May + April)

Usually the date will be on the first of the month.


After processing, you can go to Ledger > GL Details to see the total interest amount charged.

Go to Customer > Customer Detail to see the individual interest rates charged for each client. Type Interest in the search row's reference box.


To reverse the interest posted.

Go to Customer > Customer Journals.

Select 'Adjustment' and 'Completed'

In the blue search row, in the description box, type in Interest to get a list of interest charges.

Double click the journal you want to reverse.

The journal will now open. Click on the 'Reverse' button to reverse the entries.



The default contra interest account can be set in Ledger > Account Options > Account Defaults

See also Payment Due Date and Payment Terms