Calculate Finance Charges

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Expand/Collapse item  Overview

The system can automatically calculate finance charges and apply them to customers’ accounts.

Expand/Collapse item  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

  1. Select Accounts Receivable Reports menu >  Accounts Receivable Aged Invoice Report.

  2. 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.

  3. Click Print.

  4. Select Accounts Receivable Period End menu > Finance Charge Calculation.

  5. 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.

  6. To begin the calculations, click Proceed.

  7. Click the Printer button to print the Finance Charge Journal and verify your changes.

  8. 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.