Forgive Interest

The Forgive Interest function allows you to forgive interest of a previously posted payment. For example, the total owed on an invoice was $1,288.07, which included interest due of $15.07. The customer sent a payment in the amount of $1,288.00. The system automatically pays the interest of $15.07 first and applies the remaining $1,288.00 toward principal, leaving a balance of $0.07. At the time the payment was made, the system asked if you wanted to Forgive Interest of .07. If you selected No, the $0.07 would show as principal owed and the only way to get rid of it, would be through the Forgive Interest function.

 

To forgive Interest, using the Receivables Data Access tab, search and select the invoice displaying the payment made. From the main menu select Edit Invoice | Forgive Interest. The Forgive Interest dialog box displays. Click Yes to forgive the interest.

 

Note: Interest can only be forgiven up to the amount allowed by RSA 76:13 and the Maximum amount set in the Avitar Tax Collect system (see Rates & Fees Tab).