Frequently Asked Questions - LexisNexis

Set up an interest rate table:
1. On the Options pull-down menu, click System Settings.
2. Click the Past Due Notices tab.
3. Click Use Rate Table.
4. Click the Set Rates button. The Interest Rates with Effective Dates window appears:
Use this window to associate specific interest rates with specific dates.
Note: The first entry, 01/01/1982, is the rate to use for any invoices with a date prior to the first entry.
5. Click OK.
Example:
You charge the bank's prime rate plus 2% for interest and you update the table every 3 months. Your table might
look like this:
Date Rate
12/1/00 8.25
9/1/00 8.00
3/1/01 7.75
6/1/01 8..25
Assume the invoice date for a bill is November 4, 2000 and there is a 30 day grace period which expires on
December 4, 2000. If a past due notice is created for the client on April 1, 2001, interest will be calculated based
on:
•86 days at 8.00% (27 in December, plus January and February).