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. Depending on your installation, clicking on Finance Charge will bring up a prompt, asking if you want to generate standard invoice finance charges or revolving account charges.
 Enter date assigned to finance chargesEnter the date to calculate finance charges. This enables the user to calculate finance charges in previous months or to back up the calculation to take care of holidays or weekends for the current period.
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 Choose to apply credit automaticallyCheck this box will automatically apply credits when you generate finance charges.
 Include Open Invoice
Statement Customers| | The additional option to include Open Invoice Statement Type customers in the process is available BUT typically not selected.
This does not apply to customers flagged with: "No Automatic Apply", "Use Jobs", or "Revolving Account"
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 Option to include Previous Finance Charges| | Typically, this option is not checked that includes previous finance charges in the calculation amount.
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 Option to Exclude Customers with 0 BalanceChecking this option will omit customers with 0 balance the finance charge calculation. A customer with a zero balance can still receive a statement if they have invoices and unapplied credits which net to zero.
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 Enter the number of days Past Due Date
thus creating a grace periodEnter the number of days past due before a finance charge will be created thus a grace period.
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 Enter Minimum Finance Charge amountEnter the minimum amount a customer will be charged for a finance charge. Typically, the minimum finance charge incorporates the cost of processing by your company.
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 Only Customer with Past Due
Balances Greater Than x$Entering an amount here will only display customers with a past due balance greater than the amount entered.
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 Enter a customer number or portion to
restrict the finance charge calculationCustomer Number or Portion will allow selective process of finance charges.
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Customer Number
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Results
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Blank
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All customers
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Portion of customer number
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Only customer with matching leading customer numbers
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Exact customer number
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Only single matching customer
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 Select Generate to calculate the finance chargesSelecting the generate button will calculate the finance charges, as described within the calculation parameters, and then create the individual charges for each customer account upon review and acceptance of the finance charges.
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 Select Close to return to the previous menu |
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Finance Charge Date Confirmation
If the date entered for for today, the system is reminding the user that the day that will appear on the finance charge will be that of today. So, if it is not the actual end of the day for the business, after closing, it would be suggested to change the date to the prior day.
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Answering NO to the question will allow the system to move forward in processing and date the finance charges for today.
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Finance Charge Preview Screen
Next the system will present the Finance Charges Preview screen displaying the list of calculated finance charges. Unchecking the box on the left will remove the finance charge for that customer.
Unchecking the checkbox will remove the
finance charge for the customer.Unchecking the Apply Finance Charge Checkbox, will remove the Finance Charge. Upon selecting the Continue button, the finance charges are created for the selected customer accounts.
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Select All checks all customers Choosing the Select All will check the Apply Finance Charge Checkbox for all customers in the list.
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Unselect All unchecks all customersChoosing the Unselect All will remove the check from the Apply Finance Charge Checkbox for all customers in the list.
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Display report on screenSelecting the Display button will present the complete report on the screen.
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Print report to designated report printerSelecting the Print button will print the complete report to the designated report printer. |
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Select to create Finance ChargesSelecting Continue will allow the system to create the finance charges for the indicated customer accounts.
Select the Yes button to proceed with the creation of the finance charges.
| | A printed copy of the finance charge invoice is not created during this process.
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Once the finance charge invoices are created, the system will present the Summary of Charges screen.
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Revolving Accounts
If you select (and have installed) Revolving (Accounts), the Generate Finance Charges screen, identical to the Standard Invoices, will appear. Enter the appropriate information and click Generate. The only difference is the Late Fee screen.
On this screen, you will need to enter the Late Fee Invoice Date, the date of the last statement, and the payment due date. Once the fields are entered, click Generate to create the late fees on the appropriate accounts.
Reporting Finance Charges
To report the total finance charges for a date range, the
Sales Report can be used to locate this information.
Select Type Report: Summary |
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Enter Reporting Date Range<TODO>: Insert description text here...
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Enter _FINANACE_CHARGE
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Select Generate |
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