Regarding Interest Caluation on Penalty/advance ?

[Nishant Goswami]

Hello Group.
I have one use case for which i need some guidance. This is about Interest Calculation.

We have 2 entity here.

Company A(this uses iDempiere) :- Who manufactures and sells products to different Dealer.

Dealer A :- Who Purchase products from Company A.

 

Followings are 2 situations for which I need to set up iDempiere.

 

1>     Date :- 06 –apr-16

Invoice Amount :- 1000$

Delear A pays :- 800$

Due Amount :- 200$

 

Now if Dealer A doesn’t pay remaining amount in 2 days that is end of 08-apr-2016, Company A will give penalty as 2% interest on remaining amount per day.

 

So , How can we set this penalty in Idempiere? How can we reflact this extra income?

 

2>     Date :- 06 –apr-16

Invoice Amount :- 1000$

Delear A pays :- 1800$

Extra Amount :- 800$

 

Some time Dealer pays extra/ advance money to company A. Now in this situation Company A will give 1% interest rate on Extra amount per day. So if Dealer A Order 2^nd time this credit should be consider during invoice generation.

so during Next order ..

 

Date :- 04-dec-16

Invoice Amount :- 2000$

Available Credit :- 805.41$(including interest)

Need to pay :- 1194.59$

Currently we are using Tally ERP for this purpose but migrating to iDempiere. This may explain how it tackle in Tally ERP 9.

http://tally9book.com/Pages/Getting_Started/Interest-Calculations-in-Tally9.html

Thank you.