Global interest rates provide a convenient way for interest rates to be changed in the system according to the specified date span. These automatically compound annually.
Adding Global Interest Rates
- Click Settings >Financial Settings > Global Interest Rates
- Specify the interest rate percentage that is allowed for the specified time frame.
- Enter the From: and To: parameters
- Click Add.
Apply Global Interest to Accounts
- If a judgment is passed that allows for global interest rates to be applied, go the Financials > Settings / Judgment sub-tab of the account.
- Under the Judgment Details heading, put a check in the checkbox next to Use Global Interest Rate(s).
- Click Save Changes.