I have a question regarding interest accruing on unpaid payments. We have a franchise that is working on their cash flow right now and we wanted to give them an updated statement on what is owed to us for their franchise loan. How can I see interest that accrued on unpaid payments? So for example if their payment was due back in March of last year and they want to make a payment. How can I show them the interest that accrued on that payment?
This is found in the “Outstanding” columns:
The interest is a very close approximation since uses a slightly different way of calculating interest than the normal method (really not a big difference, so no need to worry about this).
In the reports see under the Outstanding theme: