The BC module has a flexible mechanism for raising, tracking and controlling the interest that you collect and the charges that you levy, which is cash or account receivable basis. The cash is collected either in advance or arrears, and it is accrued or non-accrued.

The Interest collected is either as a rate or as a flat amount. Define the Standard Interest rates for each bill type.

Changes that you effect to fields like the base date, exchange rate or account numbers require reversal entries. The system generates reversal entries for the corrected amount, account, rate etc.