Late Payment Interest - Revision history

Khkoh: /* Preparation */

2026-09-12T09:05:02Z

Preparation

← Older revision		Revision as of 17:05, 12 September 2026
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	# Navigate to '''Sales > Maintenance > Recurrent LPI'''.		# Navigate to '''Sales > Maintenance > Recurrent LPI'''.
	# Set up the recurring LPI by completing the required information. This defines the rules and parameters that the system will use when generating the LPI invoices. For '''MCSTs or property management companies''', users can select a '''Sales Group''' instead of selecting individual customers. A Sales Group allows customers with common characteristics to be grouped together for billing purposes. For example, customers may be grouped according to:		# Set up the recurring LPI by completing the required information. This defines the rules and parameters that the system will use when generating the LPI invoices. For '''MCSTs or property management companies''', users can select a '''Sales Group''' instead of selecting individual customers. A Sales Group allows customers with common characteristics to be grouped together for billing purposes. For example, customers may be grouped according to:
	#* Number of bedrooms, such as '''2-bedroom''' or '''3-bedroom''' units; or		## Number of bedrooms, such as '''2-bedroom''' or '''3-bedroom''' units; or
	#* Share value, such as '''100 share-values''' or '''130 share-values'''. Once a Sales Group is selected, all customers belonging to that group will be included and billed according to the recurring LPI setup when the recurring LPI invoice is generated.		## Share value, such as '''100 share-values''' or '''130 share-values'''.
			# Once a Sales Group is selected, all customers belonging to that group will be included and billed according to the recurring LPI setup when the recurring LPI invoice is generated.
	# Review the information entered and click '''Save'''.		# Review the information entered and click '''Save'''.

Khkoh: /* Preparation */

2026-09-12T09:03:35Z

Preparation

← Older revision		Revision as of 17:03, 12 September 2026
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	=== Preparation ===		=== Preparation ===

	Before generating recurring LPI invoices, the ~~recurring~~ LPI setup must first be configured.		Before generating recurring LPI invoices, the '''Recurring LPI''' setup must first be configured.

	# Navigate to '''Sales > Maintenance > Recurrent LPI'''.		# Navigate to '''Sales > Maintenance > Recurrent LPI'''.
	# Set up the recurring LPI by ~~filling in~~ the required information. This defines the rules and parameters that the system will use when generating the LPI invoices. For ~~MCST~~ or property ~~managements, instead of selecting a particular customer~~, users can select ~~the~~ Sales Group. Sales ~~Groups are those~~ customers ~~that fall under a certain group~~. For example, ~~3 bed rooms~~, 2 ~~bed rooms. Or~~, 100 share-values, 130 share-values. Once ~~the group~~ is selected, all customers ~~fall under~~ that group will be billed ~~accordingly~~ when the recurring LPI invoice is ~~triggered~~.		# Set up the recurring LPI by completing the required information. This defines the rules and parameters that the system will use when generating the LPI invoices. For '''MCSTs or property management companies''', users can select a '''Sales Group''' instead of selecting individual customers. A Sales Group allows customers with common characteristics to be grouped together for billing purposes. For example, customers may be grouped according to:
			#* Number of bedrooms, such as '''2-bedroom''' or '''3-bedroom''' units; or
			#* Share value, such as '''100 share-values''' or '''130 share-values'''. Once a Sales Group is selected, all customers belonging to that group will be included and billed according to the recurring LPI setup when the recurring LPI invoice is generated.
	# Review the information entered and click '''Save'''.		# Review the information entered and click '''Save'''.

	Once the recurring LPI setup has been saved, the system is ready to generate the LPI invoices.		Once the recurring LPI setup has been saved, the system is ready to generate the recurring LPI invoices.

	=== Create Recurring LPI Invoices ===		=== Create Recurring LPI Invoices ===

Khkoh: /* Preparation */

2026-09-12T09:01:56Z

Preparation

← Older revision		Revision as of 17:01, 12 September 2026
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	# Navigate to '''Sales > Maintenance > Recurrent LPI'''.		# Navigate to '''Sales > Maintenance > Recurrent LPI'''.
	# Set up the recurring LPI by filling in the required information. This defines the rules and parameters that the system will use when generating the LPI invoices.		# Set up the recurring LPI by filling in the required information. This defines the rules and parameters that the system will use when generating the LPI invoices. For MCST or property managements, instead of selecting a particular customer, users can select the Sales Group. Sales Groups are those customers that fall under a certain group. For example, 3 bed rooms, 2 bed rooms. Or, 100 share-values, 130 share-values. Once the group is selected, all customers fall under that group will be billed accordingly when the recurring LPI invoice is triggered.
	# Review the information entered and click '''Save'''.		# Review the information entered and click '''Save'''.

Khkoh: /* Changing the LPI Item */

2026-08-30T03:53:41Z

Changing the LPI Item

← Older revision		Revision as of 11:53, 30 August 2026
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	Navigate to:		Navigate to:

	'''System Setup → ~~Forms~~ and ~~Docs Reference Number~~'''		'''System Setup → System and General GL'''

	Select the desired item code from the available list and save the setting.		Select the desired item code from the available list and save the setting.

Khkoh: /* Grace Period */

2026-08-29T13:41:18Z

Grace Period

← Older revision		Revision as of 21:41, 29 August 2026
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	Example:		Example:

	If the grace period is 30 days, interest begins only after the invoice remains unpaid for more than 30 days.		If the grace period is 30 days, interest begins only after the invoice remains unpaid for more than 30 days. That means, the interest will start from the next day after the grace period (30 days).

	=== Additional Grace Period ===		=== Additional Grace Period ===
	An optional additional period before interest calculations commence.		An optional additional period before interest calculations commence.

	This allows organizations to provide further flexibility to customers before interest charges are applied.		This allows organizations to provide further flexibility to customers before interest charges are applied. If there is any outstanding payment (even with after partial payment), after this additional grace period, the interest will start 1 day '''<u>after the Grace Period</u>''', not after the Additional Grace Period.

	=== Interest Calculation Basis ===		=== Interest Calculation Basis ===

Khkoh: /* Late Payment Interest (LPI) Module User Guide */

2026-08-28T06:14:50Z

Late Payment Interest (LPI) Module User Guide

← Older revision		Revision as of 14:14, 28 August 2026
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	== Late Payment Interest (LPI) Module User Guide ==		== Late Payment Interest (LPI) Module User Guide Introduction ==

	== Introduction ==
	The Late Payment Interest (LPI) Module is designed to help organizations automatically calculate and bill interest on overdue customer balances.		The Late Payment Interest (LPI) Module is designed to help organizations automatically calculate and bill interest on overdue customer balances.

Khkoh: /* Late Payment Interest (LPI) Module User Guide */

2026-08-28T06:13:42Z

Late Payment Interest (LPI) Module User Guide

← Older revision		Revision as of 14:13, 28 August 2026
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	= Late Payment Interest (LPI) Module User Guide =		== Late Payment Interest (LPI) Module User Guide ==

	== Introduction ==		== Introduction ==

Khkoh: /* Configuring Compounded Interest for a Customer */

2026-08-28T06:12:58Z

Configuring Compounded Interest for a Customer

← Older revision		Revision as of 14:12, 28 August 2026
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	----		----

	= Understanding Late Payment Interest =		== Understanding Late Payment Interest ==

	== What is Late Payment Interest (LPI)? ==		=== What is Late Payment Interest (LPI)? ===
	Late Payment Interest (LPI) is an interest charge imposed on overdue amounts when payment is not received within the specified grace period.		Late Payment Interest (LPI) is an interest charge imposed on overdue amounts when payment is not received within the specified grace period.

	LPI may arise from:		LPI may arise from:

	=== Statutory or By-Law Provisions ===		==== Statutory or By-Law Provisions ====
	Certain legislation and by-laws permit organizations to charge interest on overdue payments.		Certain legislation and by-laws permit organizations to charge interest on overdue payments.

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	These organizations are generally permitted to impose interest on overdue maintenance fees, sinking fund contributions, and other charges when payment remains outstanding after the prescribed grace period.		These organizations are generally permitted to impose interest on overdue maintenance fees, sinking fund contributions, and other charges when payment remains outstanding after the prescribed grace period.

	=== Contractual Agreements ===		==== Contractual Agreements ====
	Businesses may also impose interest on overdue invoices when such charges are expressly stated in a contract, service agreement, sales agreement, or terms and conditions accepted by the customer.		Businesses may also impose interest on overdue invoices when such charges are expressly stated in a contract, service agreement, sales agreement, or terms and conditions accepted by the customer.

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	The Highnix LPI Module supports both non-compounded and compounded interest calculations.		The Highnix LPI Module supports both non-compounded and compounded interest calculations.
	# '''Note:''' When '''LPI on LPI''' is enabled, '''new''' Late Payment Interest (LPI) invoices generated thereafter are flagged as eligible for future LPI calculations. If such an LPI invoice remains unpaid after the applicable grace period, its outstanding amount will be included in subsequent LPI calculations, resulting in compounded interest. LPI invoices generated before '''LPI on LPI''' was enabled remain non-compounded and are not retrospectively included in future LPI calculations.		# '''Note:''' When '''LPI on LPI''' is enabled, '''new''' Late Payment Interest (LPI) invoices generated thereafter are flagged as eligible for future LPI calculations. If such an LPI invoice remains unpaid after the applicable grace period, its outstanding amount will be included in subsequent LPI calculations, resulting in compounded interest. LPI invoices generated before '''LPI on LPI''' was enabled remain non-compounded and are not retrospectively included in future LPI calculations.
	= Configuring Late Payment Interest Terms =
			== Configuring Late Payment Interest Terms ==
	Before generating Late Payment Interest transactions, the interest terms must be configured.		Before generating Late Payment Interest transactions, the interest terms must be configured.

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	----		----

	= Defining the Late Payment Interest Item =		== Defining the Late Payment Interest Item ==
	Late Payment Interest is billed using a dedicated service item.		Late Payment Interest is billed using a dedicated service item.

	== Default Item ==		=== Default Item ===
	Highnix provides a predefined service item:		Highnix provides a predefined service item:

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	This item is automatically available after installation.		This item is automatically available after installation.

	== Changing the LPI Item ==		=== Changing the LPI Item ===
	If a different item code or description is preferred, users may create a new service item and designate it as the official Late Payment Interest item.		If a different item code or description is preferred, users may create a new service item and designate it as the official Late Payment Interest item.

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	----		----

	= Configuring Compounded Interest for a Customer =		== Configuring Compounded Interest for a Customer ==
	The system supports customer-specific control over compounded interest calculations.		The system supports customer-specific control over compounded interest calculations.

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	----		----

	= Mixing LPI with Normal Invoice Items =		== Mixing LPI with Normal Invoice Items ==
	Late Payment Interest transactions are treated differently from normal sales transactions.		Late Payment Interest transactions are treated differently from normal sales transactions.

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	The recurring LPI process eliminates the need to create LPI invoices individually and is particularly useful for property management operations where LPI invoices need to be generated regularly for multiple property units.		The recurring LPI process eliminates the need to create LPI invoices individually and is particularly useful for property management operations where LPI invoices need to be generated regularly for multiple property units.

	= Recommended Practice =		== Recommended Practice ==
	To ensure accurate and compliant interest calculations:		To ensure accurate and compliant interest calculations:

Khkoh: /* Recurring LPI Invoice Generation */

2026-08-28T06:10:08Z

Recurring LPI Invoice Generation

← Older revision		Revision as of 14:10, 28 August 2026
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	== Recurring LPI Invoice Generation ==		== Recurring LPI Invoice Generation ==
	~~User can~~ generate ~~the Recurring~~ LPI on a regular basis. This ~~will~~ save ~~user tremendous~~ amount of time ~~to generate the LPI one-by-one. It is~~ particularly ~~useful~~ for ~~MCST or Property~~ Management ~~where~~ late payment interest ~~is chargeble by law~~.
			The Recurring LPI Invoice feature allows users to automatically generate Late Payment Interest (LPI) invoices on a regular basis without having to create each invoice individually. This can save a significant amount of time, particularly for MCSTs, Management Corporations and property management companies that manage a large number of property units and need to apply late payment interest to overdue payments.

			Once the recurring LPI setup has been configured, the system can generate the applicable LPI invoices based on the selected date. This helps to simplify the LPI billing process and reduces the amount of manual work required.

	=== Preparation ===		=== Preparation ===
	~~# Navigate to Sales, Maintenance, Recurrent LPI.~~
	~~# Setup the LPI by filling in the information.~~
	~~# Save it.~~

	=== Create Recurring LPI ~~Invoice~~ ===		Before generating recurring LPI invoices, the recurring LPI setup must first be configured.
	# To generate the recurring LPI ~~inovice, navigate~~ to Sales~~, Transaction,~~ Create and Print LPI Recurrent Invoices
	# Select the date. This is important because the LPI ~~will be~~ based on ~~this~~ date. ~~And click on~~ the "Create LPI Invoice" icon on the right.		# Navigate to '''Sales > Maintenance > Recurrent LPI'''.
	# ~~User~~ can either print ~~out~~ the invoices or email the invoices to the customers.		# Set up the recurring LPI by filling in the required information. This defines the rules and parameters that the system will use when generating the LPI invoices.
			# Review the information entered and click '''Save'''.

			Once the recurring LPI setup has been saved, the system is ready to generate the LPI invoices.

			=== Create Recurring LPI Invoices ===

			To generate the recurring LPI invoices:

			# Navigate to '''Sales > Transactions > Create and Print LPI Recurrent Invoices'''.
			# Select the required '''date'''. This is an important step because the system will calculate and generate the LPI based on the selected date. The selected date determines which outstanding amounts are subject to LPI according to the recurring LPI settings.
			# Click the '''Create LPI Invoice''' icon on the right to generate the applicable LPI invoices.
			# The system will generate the LPI invoices based on the recurring LPI configuration and the selected date.
			# Once the invoices have been generated, users can either '''print the invoices''' for distribution or '''email the invoices directly to the customers'''.

			The recurring LPI process eliminates the need to create LPI invoices individually and is particularly useful for property management operations where LPI invoices need to be generated regularly for multiple property units.

	= Recommended Practice =		= Recommended Practice =

Khkoh: /* Recurring LPI Invoice Generation */

2026-08-28T06:09:26Z

Recurring LPI Invoice Generation

← Older revision		Revision as of 14:09, 28 August 2026
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	== Recurring LPI Invoice Generation ==		== Recurring LPI Invoice Generation ==
	User can generate the Recurring LPI on a regular basis. This is particularly useful for MCST or Property Management.		User can generate the Recurring LPI on a regular basis. This will save user tremendous amount of time to generate the LPI one-by-one. It is particularly useful for MCST or Property Management where late payment interest is chargeble by law.

	=== Preparation ===		=== Preparation ===