Ardex has the capability to automatically calculate and charge interest on overdue accounts if you wish. The standard set-up is to charge a rate of your choice on accounts more than 60 days overdue. This interest % charge may be modified or removed on an owner record under the more details tab.
Leave a tick next to all interest charges you intend to apply, remove the tick from any owners you wish to skip from the interest charging process, then single-click the Process button at the bottom left. Interest will be charged to the owners selected as a penalty for late payment of accounts.
Obviously it is very important to ensure that bank reconciliations are up-to-date and all client receipts have been accounted for before charging interest on overdue accounts. Once interest charges have been processed, click the Next button to move on to applying Debtor Loan Balances.
