Partial payments result in multiple late payment charges

As time is getting from bad to worst during this pandemic season, employees are having their pay cuts or totally losing their jobs, and no light at the end of the tunnel, Some SP are struggling to pay their quarterly Managing fund  and Sinking Fund bill. We have users telling us that their SPs are paying partially, by $500 on their bill and 2 weeks later another $300 and so on and so fourth and can go on for the next 2 weeks until the full payment is made.

Here come the challenge :
1. Is your finance team still using excel to work out each payment date of the late payment interest?
2. Or your legacy system do not work out partial payments when come to late payment interest?

And you are not talking of only one SP, more are coming and it is so laborious and intense and no mistakes you want to make, as it can be very sensitive when it is dollar and sense and SP can make a mountain out of a mole hill for any wrong calculations.

With Realtimme Cloud MCST software, our auto-calculation of late payment interest is accurate, regardless it is full payment made or multiple partial payments made by each SP

Save your finance team the pain of calculating late payment interest and come onboard Realtimme Cloud MCST system.

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

29/09/2020