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.
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:
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.
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.
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.
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.
Click Continue to proceed with generating finance charges. You are asked to confirm that you wish to generate finance charges totaling the amount shown.
Clicking on the gear icon allows the user to save the settings of the Generate Finance Charges screen.