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Finance Company Terms
The Finance Company Terms is a convenient means of processing invoices that are being transferred to finance companies. Selecting this option creates a Finance Company payment type button within the Payment Screen of the Ring Sale.
When the Finance Company payment type is selected, the user is prompted to select the appropriate customer, thus linking the invoice to the customer. After the merchandise has been delivered and the finance company's paperwork has been completed, the finance company will forward a check to the company on behalf of the customer. Within the POS | Payments | Pay on Account, the user selects the customer's account and then selects Finance Company to complete the transaction. The total Finance Company amount will appear on the Z-Report for each register. The Finance Company payments are included within the Paid on Account total.
To set up a Finance Company Terms, go to System | Support Files | Customer Terms. If there is no Finance term listed, click the New button to create a Finance type.
Enter a Finance Company Type Terms with an appropriate description. Click the OK button to save the new entry. This will allow you to select Finance Company as a payment type in the Accounts Receivable 1 section of the Company Setup.
Payment Discount Account
Some companies have a percentage discount automatically taken out of the check. If this is the case, you want to create a GL Account for "Finance Company Discount" in order to use it. Once it is set up properly, on the payment application screen, you will select the account in the Payment Discount Account drop down menu to properly apply the discount.
