Frequently Asked Questions

To calculate interest on overdue payments in BUSY, follow these steps:
 Step 1: Go to Display section then click on interest calculation
 Step 2: Select the required option to calculate interest and open the rt after specify party , date range and interest rate.
 Step 3: After open the report, Press F4 shortcut key to post interest voucher.

Yes, you can charge late fees for over due invoices in BUSY 
There is a feature Interest calculation available in BUSY to check it follow the below mentioned steps:
Step 1: Go to Display menu 
Step 2: Click on Interest Calculation 
Step 3: Click on Product basis
Step 4: Select the Interest calculation for 
Step 5: Define the interest rate

To view the interest vouchers in BUSY after posted you need to follow the steps 
1 Go to display menu 
2 click on account books and click account ledger 
3 select standard then click on one account and select the interest ledger name and date 
range then press ok to view the report of interest

If the interest calculation report is not showing the correct information in BUSY,please follow below steps : 
Step 1: verify the interest calculation entry . 
Step 2: Delete existing entry and regenerate auto post entry in BUSY.
Step 3: Check the Accounts are tagged into voucher entry 
Step 4: Open report and check it again.

To generate bank interest report in BUSY, follow these steps:
Step 1: Go to display menu then select interest calculation opiton.
Step 2: Select bank interest option then specify the bank name, date range, interest rate, etc then open it.
Step 3: After opening it you will see the interest amount for that bank.

To setup slabs and thresholds for differential interest rates in BUSY you have to follow the 
steps 
1 Go to administration menu and click on configuration 
2 click on interest calculation slabsthen select amount basis 
3 then set the thresholds limits and interest rates and save 

To troubleshoot the issue of interest calculation double on loan amount you have to follow 
the steps 
1 ensure that the interest rate you have selected is proper or not 
2 check the interest calculation voucher posted double or not if double posted then delete one

The "average balance" calculation in BUSY for interest is the average of the opening and closing balances of an account over a specific period of time. It is calculated by adding the opening and closing balances and dividing the sum by two.

To get clear concept on interest calculation module in BUSY you can use help menu where 
you will get a user manual option you can get the details over there or you can search 
the topic on youtube also

When you calculate interest on the basis of Bills Receivable and Payable you can skip cleared entries by enable the option Skip Interest Calculation for Cleared Entries while opening the report.