Accounting Additions

Two recent additions to the accounting Actions menu within Move Administer are; the ability to insert journals and to create late payment charges.

The entry of journals is a welcomed addition to the system, and is the ideal tool for writing off those small account balances that are not worth raising invoices/credits for, and therefore will not affect your turnover reports.

When creating a journal you simply select the type of journal you’re inserting and enter your reason. The journal number is automatically incremented and is easily identifiable on Statements by the use of the letter J.

The late payment charge is inline with the Late Payment Legislation which came into force initially in November 1998, but it was amended in August 2002 to bring additional benefits to businesses (for more information please visit www.payontime.co.uk).

By storing within Move Administer the bi-annual interest rates, together with credit period and compensation charges, at the click of your mouse pointer you can automatically raise an ad-hoc invoice for the interest on the debt, together with a late payment compensation charge.

Interest can charged again and again on an overdue invoice (although you can only charge a late payment compensation charge once), and Move Administer records when interest was charged to on each invoice.

Interest is calculated at the base rate applicable at the time the debt became overdue (usually after 30 days of raising the invoice) plus 8% for the annum. It is then divided by 365 to calculate the daily rate and is charged at that amount for the term of the debt.

I’m sure many of you will find both of these features very useful indeed.

Late Payment Charge