How does AR calculate interest? Our Company Profile is set up to charge interest on Overdue balance 31 days overdue at 21% annually (screen shot attached).

Yet a customer with an overdue balance of $392.96 was charged $6.78 interest. (screen shot attached).

My calculations are $392.96 x 1.75% = $6.88. How is AR coming to $6.78?


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Edited by SusanTennier (01/02/15 12:58 PM)
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Susan Tennier
TDL Canada
Trenton, Ontario