The Hypothetical Calculator can be used for general guidance for how much interest could be due to a client for certain transactions.
The client transactions will appear on the right hand side.
To remove the entries on the hypothetical calculator page, place a tick in each tick box and select “Delete”.
On the left hand side of the posting screen, you are then able to add entries as required with a Cleared date, Posting date and an Amount. Click on Add to update the information onto the right hand side. Click on the Interest Calculator/Enquiry button and enter a base rate for the calculation, Click on the Calculation button for the interest to be calculated.
The Pay button will not be available for you to post the entry. If the interest is to be paid you will have to go to the Interest Calculation screen and when you select Pay you will have to overwrite the interest amount.
The hypothetical calculator can also be used to calculate interest at county court rates on outstanding bills that are being issued on.
Note The interest is calculated from today’s date backwards to the date entered on the screen.
Report
To preview the hypothetical interest calculation report click on the printer icon in the top left corner, this can be printed or exported. The information for the report will be the information entered on the Hypothetical screen.
To print, click on the printer icon.