Tracking Monthly Finance Charges for Overdue Invoices: A Spreadsheet Solution?

In summary, the conversation is about setting up a spreadsheet to track interest on overdue payments from unpaid or underpaid invoices. The spreadsheet should include 13 invoices with their unpaid amounts, aging in days, and interest rate. The start date for the spreadsheet should be the earliest invoice up until 06/14/2019. The person being asked for help suggests contacting an accounting firm and requests not to be given unhelpful responses.
  • #1
MHamernik
2
0
Need to set up a spread sheet that shows interest month by month on overdue payments from several unpaid (or underpaid) invoices.

I have 13 such invoices, their unpaid amounts, aging in days, and the interest rate.

Spread sheet to start from earliest invoice up until 06/14/2019. Thanks!
 
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  • #2
MHamernik said:
Need to set up a spread sheet that shows interest month by month on
overdue payments from several unpaid (or underpaid) invoices.

I have 13 such invoices, their unpaid amounts, aging in days, and the interest rate.

Spread sheet to start from earliest invoice up until 06/14/2019.
Suggest you contact an accounting firm...
 
  • #3
It's still a math problem ("Business Mathematics" topic is there for a reason), would appreciate it if you don't waste my time with stupid responses.
 
  • #4
MHamernik said:
...would appreciate it if you don't waste my time with stupid responses.
Ok. Hope someone else here steps in and helps you. Good luck.
 

FAQ: Tracking Monthly Finance Charges for Overdue Invoices: A Spreadsheet Solution?

What are monthly finance charges?

Monthly finance charges refer to the fees or interest that are added to a credit card balance if the full amount is not paid off by the due date. These charges are calculated based on the outstanding balance and the annual percentage rate (APR) of the credit card.

How are monthly finance charges calculated?

Monthly finance charges are typically calculated by multiplying the daily interest rate by the average daily balance for the billing cycle. The daily interest rate is determined by dividing the APR by 365 or 360, depending on the credit card company's policy.

Can monthly finance charges be avoided?

Yes, monthly finance charges can be avoided by paying off the full balance on a credit card before the due date. This will prevent any interest from accruing on the outstanding balance. It is important to make at least the minimum payment each month to avoid late fees and potential damage to your credit score.

Are monthly finance charges the same for all credit cards?

No, monthly finance charges can vary depending on the credit card company and the specific terms and conditions of the credit card. Some credit cards may have a lower APR, resulting in lower monthly finance charges, while others may have a higher APR, resulting in higher monthly finance charges.

Is it possible to negotiate monthly finance charges?

In some cases, it may be possible to negotiate monthly finance charges with your credit card company. This could involve requesting a lower APR or asking for a one-time waiver of finance charges. However, this is not guaranteed and may depend on your credit history and relationship with the credit card company.

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