The system can automatically calculate
finance charges and apply them to customers’ accounts.
Before
You Begin
-
To generate
finance charges correctly, you must first print an aging
report for the date you want to calculate finance charges
for. If you do not print this report, finance charges
will not calculate correctly.
To calculate finance charges
-
Select Accounts Receivable
Reports menu > Accounts
Receivable Aged Invoice Report.
-
In the Aging Date field, type
the end date from which you want to age the invoices. For
more information, see Accounts
Receivable Aged Invoice Report - Fields.
-
Click Print.
-
Select Accounts Receivable
Period End menu > Finance
Charge Calculation.
-
Enter information in the Min
Balance to Apply, Min Finance Charge to Apply and any other applicable
fields. For more information,
see Finance
Charge Calculation - Fields.
-
To begin the calculations,
click Proceed.
-
Click the Printer button to
print the Finance
Charge Journal and verify your changes.
-
A message appears prompting
you to update.
If you have no changes to make, click Yes.
If you have changes to make, click No. Select
Accounts Receivable Period End menu > Finance
Change Entry. Make any necessary changes, and then reprint the
Finance Charge Journal and update.
Note If
you click Clear after a calculation is performed, but before the Finance
Charge Journal is updated, the calculated finance charges are deleted
and are not applied against customers’ unpaid balances.
Finance charges are calculated.
