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Finance

Interest Rates

The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR).

Version CompatibilityClosed BPO2 v2.5.0.8 or higher. Prior this version - refer to Add Interest Rate

Ribbon Access:   Finance >  Interest Rates

  • The Base Interest Rate screen will be displayed.
    • Here you can view a list of the interest rates already set up on the system.

Update Interest Rate

  • Right click in any row of the Interest Rate data grid.
  • A Process menu will pop up.
  • Click on Add - Add new row.

  • A new row will populate with a default Interest Rate of 0.0 and the current date for the Effective Date.

    • Interest Rate: Click in the text box and either type in or use the arrow indicators to select the interest rate amount.
    • Effective Date: Click in the text box and either type in or click on the drop-down arrow and use the calendar function to select the date from which you wish this rate to be effective.

  • When you have finished adding the new interest rate and effective date, click on the Save button.

  • An message box will pop up noting;
    • Save Successful
  • Click on Ok.

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