Interest Charges

This feature allows you to generate interest fees for unpaid balances in the student ledgers. Transactions for each interest fee created in a process will be placed in a billing batch in the Billing module.

To generate interest charges:

Click Tools >Processes >Billing Module >Billing Process Options >Interest tab. Complete all required fields:

Inc Debit Transactions <= what date: Supply the cut off date. CAMS will look at all Debit transactions up to and including the date entered.
Inc Credit Transactions <= what date: Supply the cut off date. CAMS will look at all Credit transactions up to and including the date entered.
Select Date type: Select either Transaction Date or Creation Date as the searched value.
Inc Pending Financial Aid: Choose to include pending financial aid if you wish to lower the student’s interest payment by upcoming aid amounts.
Inc Previous Interest Charge(s): Choose to include previous interest charges if you wish a new set of charges added to all those who have previously been charged interest charges.
Interest Percentage to Use: Define the interest percentage; use .05 to indicate 5 percent.
Batch Posting Term: Define the term to which the batch will be posted.
Batch Transaction Date: Define the date to use for each interest charge transaction for the generated batch file.
Interest Transaction Doc: Select the appropriate TransDOC to be used for the interest charge transactions that are created during this process.

If desired, select the appropriate Billing Category assigned to transactions to be included in the interested calculations. For example, if Tuition were selected, only transactions marked with AR Type Tuition would be calculated for interest.
Define a Minimum Balance to Evaluate amount (optional) if you wish to exclude interest calculations for students with an overall balance that is less than the amount defined.
Click the Process/Export button to create an export file, or Process/Print to display a report of your results. Regardless of the option selected, CAMS will send the items to the billing batch.