Before going through the written steps below, watch the full walkthrough video to see exactly how an interest run works inside EasyInterest.
Managing overdue accounts manually can quickly become frustrating, especially when you’re recalculating balances, checking ageing periods, and updating customer accounts every month.
That’s why many accountants and businesses use EasyInterest to automate their interest calculations while still keeping full control over the process.
In this guide, we’ll walk through how to perform an interest run with EasyInterest step by step, including how to calculate interest, exclude debtors, send notifications, and process the final run into Sage SA or Xero.
When overdue accounts pile up, manual calculations often lead to:
Using an automated interest run helps standardise the process and keeps your debtor management more organised and accurate.
Step 1: Click on “Start Interest Run”
Begin by opening EasyInterest and selecting Start Interest Run from the dashboard.
This launches the interest calculation process for your overdue customer balances.
Step 2: Resync your Sage or Xero balances
EasyInterest will ask whether you would like to resync your balances.
Select Yes to resync your Sage or Xero accounting profile before starting the run. This ensures the latest outstanding balances and payments are included in the calculation.
Keeping your accounting profile up to date before running interest is important because EasyInterest uses your ageing balances for its calculations.
Step 3: Select your calculation start date
Choose the date from which interest should begin calculating.
This allows you to control the exact interest period being processed.
Step 4: Select your calculation end date
Next, select the end date for the interest calculation period.
EasyInterest will calculate interest between the selected start and end dates based on your chosen settings.
Step 5: Insert the annual interest rate percentage
Enter the annual interest rate percentage you would like to apply to overdue balances.
This rate can be adjusted depending on your business requirements or customer agreements.
Step 6: Select the ageing period for the calculation
EasyInterest allows you to decide which overdue balances should be included in the interest run.
Available options include:
This flexibility allows you to control when customers begin accruing interest.
For example, some businesses only charge interest once balances reach 60 or 90 days overdue.
Step 7: Click on “Start Interest Run”
Once your settings are selected, click Start Interest Run.
EasyInterest will begin preparing the calculation based on your selected dates, balances, and ageing settings.
Step 8: Exclude individual debtors if needed
Before final processing, you can review the calculated results.
If certain customers should not be included, simply select Discard next to the debtor to exclude them from the run.
This is useful for disputed invoices, special arrangements, or customers you do not wish to charge interest to.
Step 9: Send email and SMS notifications
EasyInterest also allows you to notify customers about the interest being applied.
To enable notifications:
You can then send:
This helps keep communication consistent and gives customers visibility into overdue charges.
Step 10: Click on “Process Interest Run”
Once you are satisfied with the calculation and customer selections, click Process Interest Run.
EasyInterest will begin applying the calculated interest.
Step 11: Wait for processing to finish
The system will process the run in the background.
Depending on the number of accounts being processed, this may take a few moments.
Step 12: Confirm the status changes to “Processed”
Once completed, the status of the interest run will update to: Processed
This confirms that the interest has been successfully applied.
Step 13: View your interest run details
After processing, you can open the run and review the details at any time.
EasyInterest keeps a history of previous runs, making it easy to:
Performing interest runs manually every month can take hours, especially when managing multiple customers and ageing periods.
EasyInterest gives businesses and accountants a more efficient way to:
Whether you’re using Sage SA or Xero, the process becomes significantly easier to manage.
Start your 7-day free trial today: www.easyinterest.co.za