Interest: Create a New Interest Rate Formula
Create a New Interest Rate Formula
- An interest rate formula is a formula, using the given numbers and generated by the platform, that calculates the accumulated interest on late remittance payments. To create an interest rate formula:
- Open Union Fusion and navigate to Remittance > Settings > Interest.
- Select the Actions drop down > Create Interest Formula. This will take you to a form where you will create you personalized interest formula.
- Fill in the information fields with the correct information.
- Name - The name of this interest formula
- Maximum Interest (%) - The maximum rate of interest that you want applied
- Term (Days) - The number of days available to pay the remittance fees. If the payment is received past the grace period, interest will begin to accrue after the term.
- Grace Period (Days) - The additional time added to the term in which a remittance payment must be received by the Local. Use this field if the number of days represents a portion of a month.
- Grace Period (Months) - The additional time added to a term in which a remittance payment must be received by the Local. Use this field if the amount of time is equal to or greater than a month.
- When the information specific to this interest formula has been added to the form, click on Save Interest Formula at the bottom of the screen.
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