I did that but it produced the wrong amount of interest. It is only including 30 days/365 when it is actually 765 days/ 365. Under Billing Details: interest, the invoice date is 10/1/2014 for amount overdue of $8,183.80 and it calculates only $121.0754 because it is using only 30 days. It did not calculate for the difference in the years. The correct answer should be $3,087.42 when simple interest rate is 18%. [(($8,183.80 x 18%)/365) x 765 "number of days outstanding"]. That is clearly a bug in the program. I hope this is now pointed out to management and they are willing to do a patch. Clearing it creates another problem, the prior balance goes up/changes in the system. That would be okay if it can be identified in the system so the client/debtor could follow it, just like a reverse payment for a bounced check. I would have to prepare a Microsoft Word invoice, indicating the reversal so the running balance would explain the "new" beginning or previous balanced that would match with the Timeslips system balance due.
↧