Important Accounts Update in Pinnacle Release 17.04
Accounts – Interest Charges on Sales Ledger
Pinnacle now allows users to charge interest on sales ledger accounts.
Users are now able to charge interest on overdue invoices. Users can set an interest rate per customer.
Terms can be reviewed and updated via the export and import functionality. Interest loaded is an
annualised percentage, which is then calculated daily.
Parameters that need to be set up
Within Accounts > Nominal parameters > Parameters > Divisional accounting groups
Interest charges nominal needs to be set under Sales Ledger. This is the nominal account that any
interest charges get posted to, and can be defined per accounting group.
Accounts – Sales Ledger Interest Charges – Statements
On the printed statement, Pinnacle now displays the number of days’ transactions are overdue, the
interest rate that is applicable to the account as well as uncharged interest to the statement, that hasn’t
been applied to the account yet.
The status now includes the number of days that the transaction is overdue. Interest charged will be
listed on the statement. There is also a line item noted of interest that is due but not charged to the
statement at the point of generating the statements. The interest rate that is applicable to the account
will be noted at the bottom of the statement and the fact that it is calculated annually.
If no interest is applicable to the account, then the user will not see the changes on the statement