Finance Charge

For more information on generating finance charges, see the video 02-110-000 AR: Finance Charge.
Within the Accounts Receivable module, finance charges can be generated based upon the invoice date, customer terms, past due days, and individual customer finance charge rate.  Finance charges are set in System | Company Setup | Accounts Receivable 1.
Clicking Finance Charge opens the Generate Finance Charges screen.
Finance Charge


1. Date
The current date is entered.  It can be changed to any past date.
If the current date is entered, the following message is shown upon clicking Generate:
Finance Charge
If it is the end of the business day, enter NO to proceed with generating finance charges.  This ensures that finance charge generation coincides with statement printing.
Entering YES allows you to return to the Generate Finance Charges screen to change the date.
If finance charges have been run within the past seven days, a warning is displayed, and you must enter YES to proceed.

Auto-Apply Credits

2. Auto-Apply Credits
This automatically applies open credits to the customer account.  You can check whether to include open invoices. 
Note that this does not apply to customers marked No Auto-Applying Credits, customers who use jobs, or customers with revolving accounts.

Previous Finance Charges

3. Previous Finance Charges
This includes previous unpaid finance charges in the current finance charge calculation.

0 Balance Customers

4. 0 Balance Customers
This excludes customers with a $0 account balance from the finance charge calculation.

Days Past Due

5. Days Past Due
You can enter a number of days to allow payments past the payment due date before applying the finance charge.

Minimum Finance Charge

6. Minimum Finance Charge
This is the minimum dollar amount a customer will be charged for a finance charge.  Typically, the finance charge incorporates the cost of processing by your company.

Past Due Balance

7. Past Due Balance
This calculates finance charges only for customers with past due balances greater than the amount entered.

Customer Number

8. Customer Number
Enter a customer ID or portion of the ID to only generate finance charges for matches to that ID.
Once the correct criteria have been entered, click Generate to generate finance charges.
The Finance Charges Preview screen opens displaying the list of calculated finance charges.
Finance Charge

Customer Selection

1. Customer Selection
By default, all customers are selected.  Uncheck the box to the left of a customer ID to remove the finance charge for that customer, or click Unselect All to unselect all customers.

Display or Print

2. Display or Print
You can display or print the list of finance charges prior to applying them.


3. Continue
Click Continue to proceed with generating finance charges.  You are asked to confirm that you wish to generate finance charges totaling the amount shown.
A message is shown to confirm the finance charges have been generated for the selected customers.
Applied finance charges can be reviewed by running the Sales Report with _FINANCE_CHARGE as the item number.
Finance Charge