In yet another first and setting the standards for web based society accounting
announces the availability of a new Penalty Rules Engine to all the customers. While ApnaComplex all along had the ability to calculate interst rate based on a percentage rate of the reducing outstanding balance, we now enhanced the penalty calculation engine to be able to calculate penalty for a wide variety of cases such as one time late penalty, per day penalty, %age on invoice value, %age of the outstanding value, slab based penalties etc. All the treasurer needs to do is to set choices for various criteria and get the penalties at the click of a button.
Listed below are some of the cases which ApnaComplex Penalty Rules Engine supports. Do note these are just a small list of possibilities. The engine supports nearly innumerable penalty schemes. Treasurers now can calculate penalty for one or more charge types (not just maintenance charge – but any charge type and any number of types) and you can get a fair idea of the powerful engine with the examples below:
Examples of Penalty Calculations supported by ApnaComplex
1. Calculate penalty at a flat rate of Rs. 25/- per every day of delay.
2. Calculate penalty for at a rate of Rs. 500/- for 1st week of delay and Rs. 1000/- there after
3. Calculate penalty at a compounded rate of interest on the invoice amount.
4. Calculate penalty at 10% per annum on the maintenance charge for a delay of a week and 20% of the maintenance charge if the payment is delayed by more than week
5. Calculate penalty at 2% per month on reducing balance as per the payments received against an invoice.
6. Apply penalty charges only if the outstanding amount is greater than a minimum amount
and many more..
Now, don’t you call this a true Diwali Gift for the treasurers!?