Use the Finance Charge Journal to list all finance charges that are calculated using Finance Charge Calculation or entered using Finance Charge Entry. Information includes the customer number and name, the receivables balance, any past due amount, and the finance charge amount. If you have divisionalized your Accounts Receivable module, divisional totals are also provided. This journal can be used to review finance charges before updating the information and printing customer statements.
After printing the Finance Charge Journal, review it for accuracy. If there are errors, return to Finance Charge Entry, make the necessary changes, print the Finance Charge Journal, and proceed with the update.
WARNING Do NOT, under any circumstances, interrupt the update process!
During the update process, the following occurs:
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The finance charge amounts are updated to the Open Invoice file for printing on customer statements and to the Finance Charges Period to Date, Year to Date, and Last Year fields in the Customer Maintenance and Customer Inquiry windows.
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The General Ledger Daily Transaction file is updated for future printing of the Daily Transaction Register and subsequent update to the general ledger.
After the update is completed, you can print the Daily Transaction Register and update the general ledger entries posted from the Finance Charge Journal.
Note This task is available only if Fixed or Percent is selected in the Computation Method field in Accounts Receivable Options.
For more information, see:
