Version 4.1 of CFPwinMan onwards introduces the ability of charging interest on arrears. The interest can be calculated using formulas which take into account the current bank base rate, with additional percentages and grace periods should they be required.
The system will be able to report on the interest due at any date without the need to actually post the invoices. Merge codes have been introduced which enable letters to be produced detailing these figures.
A separate way of charging interest is also available, whereby a fixed charge can be applied to each individual invoice which is in arrears as a one off posting. This will also take into account any grace periods which are in effect.
Each Tenancy or Tenant can adopt its own individual settings for charging interest using any of the above features or methods.
Click the link below to view a document which takes you through the breakdown of features and the process.