CMS - How To: Exempt from Interest

Created by Mienette van Heerden, Modified on Tue, 21 Apr at 1:55 PM by Mienette van Heerden

In certain situations, it may be necessary to exclude specific customers from being charged interest on overdue balances. The Solution provides flexible options to accommodate this, whether the exemption applies to individual customers or a larger group.

There are three available methods to exempt customers from interest:

Setting a minimum balance threshold
Applying the exemption manually to a specific customer
Processing exemptions in bulk for multiple customer at once

1. Minimum Balance

Navigation: Community Level > Settings > General

Interest-exempt threshold: is a specified amount that dictates what balance is automatically exempt from Interest, should balances be below this amount.

For example: if the threshold is set at R100.00 and the customer has a balance of R99.99 and lower, they will not be charged for interest.

2. Manual Exemption

Navigation: Community Level > Finance > Customer > Interest on Arrears

Should any customer be exempt from interest, Click on the white flag icon and select Exempt Status:

Important: If the customer is no longer exempt from Interest or any of the other statuses that could apply, removing the exemption will need to be done manually.

3. Manual Exemption

Navigation: Community Level > Finance > Status Management

Ensure the correct aging date is selected.

Select the tick box next to the owner that needs to be exempt from interest.

Next, navigate to the drop-down list which states select status.

Notice that there are three headings. Please scroll down and make use of the Interest Statuses list.

Once selected, scroll down and then click on Apply Statuses.