Since upgrading to Sage 50 Quantam 2015, Sage has stopped accurately calculating interest rates on A/R balances. Previously, any outstanding balance was charged interest at 12% per year... this works out to a daily compounding rate of 0.0328%. The customer statements are properly showing these rates; however, the interest that is actually being applied is way off base.
For example, I have a customer with a month end balance of $10,190.67, which I would expect interest to be $100.51 for the month ($10,190.67 * 12% * 30/365); however, Sage 50 is inexplicably calculating the interest at 869.52 despite the fact the statement is displaying the appropriate rate.
The settings have not changed and are still set at "annual interest rate" at "12.0% on invoices overdue by 30 days".
Any input to solve this problem is greatly appreciated!
