Interest Calculation for Payment due date is different to payment date in lease — Cloud Customer Connect
You're almost there! Please answer a few more questions for access to the Applications content. Complete registration
Interested in joining? Complete your registration by providing Areas of Interest here. Register

Interest Calculation for Payment due date is different to payment date in lease

Summary:

Lease payments are created monthly with payment date as 1st of the month and payment term kept as net 10 by which payment is due on 10th of every month. Therefore, the due date for payment remains as 10. 


While generating the schedules, the interest amount is getting calculated taking the payment is made on the 1st day of the month instead of its due date.

 the interest should be charged on first 10 days basis the gross liability and for rest of the month on reduced liability i.e. after making the payment.

For marking correct accrual, do we have to keep the payment date as 10th of the month.

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!