I need help. I have created a spreadsheet to calculate interest.
the problem is that I need to be able to differ between interest rates for each invoice.
the interest rates ie 18%/Yearly I will divide the percentage by 365 to accurately calculate daily rate.
I want the program to calculate from the first day it becomes past due until it is paid.
I am having two range of data's 1. invoice date and invoices amount 2. amount paid and paid date
i need to calculate the interest for ageing 60 days as overdue daily interest to be adjusted by next payment made carry forwards the outstanding as overdue.
i have attached the samples.
Kindly help.
Hello Deepan,
I have difficulties to see what you want help with, there is only one interest rate in your sample so what is there to differentiate? Please give more details of what you need help with.
Br,
Anders
Hello Deepan,
I am assuming the following
a. You give your client 60 days to pay the invoice interest free.
b. After the 60 days you start charging interest @18% on the invoice amount or the balance amount if some payment towards the invoice has been done before the 60 days due date.
c. Then you want to charge interest on the balance amount added with the accrued interest.
I have made a calculation based on point a & b. Please download the file and see if this helps.
Then advise what else do you want.
Best regards,
SSD
I don't know why the attachment didn't go. Please find attached.
