Calculate finance charges
in [General]
|
From: WINDMILL on 30 Nov 2009 11:28 Would someone please direct me to which formula to use, (or spreadsheet template)to calculate finance charges on over due invoices? I'm looking at 2% per month, for daily, on invoices over 30 days - aged receivables. All direction appreciated.
From: Daryl S on 30 Nov 2009 15:23 Windmill - Assuming column A contains the due date, and column B the amount due, then this will give you the interest due: =(MONTH(TODAY()) - MONTH(A5) + IF(DAY(TODAY())> DAY(A5),0,-1))*0.02*B5 This makes several assumptions on your methodology. It assumes no compounding of interest, and that you are using a calendar month (e.g. not 360-day accounting). It basically counts the months between today and the due date, adjusting the month down one if today's day of the month is less than the due date's day of the month, then multiplies this by the 2% per month interest rate, times the amount due. -- Daryl S "WINDMILL" wrote: > Would someone please direct me to which formula to use, (or spreadsheet > template)to calculate finance charges on over due invoices? I'm looking at 2% > per month, for daily, on invoices over 30 days - aged receivables. All > direction appreciated.
|
Pages: 1 Prev: How do I show Latitude and Longitude in Excel Table Next: pivottable formula |