Finance Charges

This section is where you will calculate and assign finance charges on your charge customers. By default all customer accounts are set for finance charges. To remove a customer from being assessed finance charges, open the customer record, go to the Credit/Customer Pricing tab and uncheck the ‘charge this customer finance charges’ checkbox.

Finance Charge Settings:

For you to be able to assign finance charges to your customers, you ‘ll need to fill out the fields for Annual Percentage rate, the minimum amount that will be assessed to the customer, the grace period(if any) and the GL account for the posting reports. To save your settings and exit this screen, click the Save button. To exit without saving, click the Exit button to close the window.

Calculate Finance Charge:

This section is where you will assign the finance charges to your customers. Choose the date that you wish to calculate up to and then click the Calculate Finance Charge button. The program will then calculate the charges for each customer and display them in a list. The list shows the customer, the amount that is past due and the total charge to be assessed. There is a checkbox by each customer name for assigning only certain accounts a finance charge or you may use the Check All button on the bottom left of the window to check all the boxes. If you do not want all of the customers checked, you can use the Uncheck All button to remove any checkmarks. When you have finished, click the Post Finance Charge button and all checked customers will have an invoice created on their account for the amount of the finance charge. To exit without saving any of the charge, click the Close button.