Practice Manager only
In MYOB Practice Manager, there is no option to automatically charge interest on overdue debtor balances.
Interest can be charged by creating a miscellaneous charge bill with a zero tax rate.
We recommend you create a new task code for interest charges if you want to report on these charges at a later date. See To set up a new Miscellaneous Charge Task Code with a zero tax rate for charging interest below.
- In MYOB Practice Manager, open the client and go to the Bills tab.
- Click Billing Wizard on the TASKS bar. Stage One of the Billing Wizard opens.
- Select the relevant Style for the interest only bill.
- Click Next after entering the required information. Stage Two of the Billing Wizard appears.
- Click the [+] icon, Create miscellaneous charge, in the top left-hand side of the screen. The Select Client Assignment/Job Type screen opens.
- Highlight the relevant assignment/job type and click Add. The Create new billing charge screen appears.
Select the type Interest from the Type drop-down list, enter the net amount and any notes required and click OK. The Select Client Assignment/Job Type screen appears.
- Click Close. The Stage Two screen appears with the miscellaneous charge total.
Click Next. Stage Three of the Billing Wizard is displayed.Confirm the correct amount of tax appears. If incorrect, check the tax rate set-up on the code, via Maintenance > Maintenance Map > Miscellaneous > Code Types and expand [+] the Misc Charge code type.
- Enter any paragraph text to appear on the bill and finalise it in the usual way. The interest only bill is listed as a new bill in the Full Billing History for the client.
- In MYOB Practice Manager, follow the menu path Maintenance > Maintenance Map > Miscellaneous > Code Types. The Code Types screen appears.
- Click the [+] for Misc Charge. The list of codes for the code type appears.
- In the new record row, complete the fields:
- Short Name
- Tax Rate
- CRM Type/Availability
For the Code, Short Name or Description you could call this INTEREST.
Ensure you select the relevant tax rate for example, GST Free Supplies (0.00%) at the Tax Rate field.
Click OK. The Task Code is created.
For AE sites, if no nominal code defaults are set up, you will need to manually add a nominal account under the Nominal column for this new miscellaneous code type under Maintenance > Ledger Maintenance > Nominal Codes > Data Entry Codes Available for Company tab.
Once this is complete, you should then set up your default nominal codes from Maintenance > Ledger Maintenance > Nominal Codes > Nominal Code Defaults tab, so you do not have to manually apply a nominal code to a new task code again, as the system will then apply a default nominal when the new code is created.