Overdraft Interest not calculating

Read here to learn why your overdraft interest isn't automatically calculating for you in your Working Plan

Updated this week

When you switch from Cashmanager RURAL to Farm Focus your entire Farm Code list will be switched across with you. This is a good opportunity to review your code list and edit it to suit your business. If you need some guidance you can download a free 7 day Demo and have a look at the Farm Code list here to see a standard list of codes.

To be able to automatically calculate your Overdraft Interest in your Working Plan you will need to ensure that you have ticked that your bank account has an overdraft, entered the Overdraft limit, and entered an interest rate. You can do this in Settings > Bank Accounts. If you click on the Information icon you will see that the interest will be calculated for you based on the information put in here.

You may find that the interest is still not calculated for you in the Working Plan and this will be because you don't have the Overdraft interest code (INT:O) set up in your Farm Code list that switched with you from Cashmanager RURAL.

How to Fix:

If you already have an existing code set up for your Overdraft interest, you can edit it to INT:O and check that the KPI reporting group is correct.

  1. In Settings > Codes > Farm Codes scroll down to the Interest Category and ensure that the Category short code is INT for Interest. If not, click on the 3 menu dots to edit the short code to INT.

    Click Save to confirm your changes.

  2. Click to edit your Overdraft extended code and ensure that the short code is O for Overdraft. Scroll down to check that the KPI Reporting Group is correctly set as "Inherit from Category (Interest Payments)".

If you don't already have a code set up for your Overdraft payments you can follow the same process but instead of choosing Edit, you will choose to create a New Extended Code under the Interest Category.

As soon as the correct INT:O code is set up you will no longer be able to edit it. The three menu dots will not be available to select, and your Overdraft Interest will be automatically calculated in your Working Plan.

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