If finance charges are added to delinquent accounts, this routine should be run before printing monthly statements.
The first step is to compile a list of all accounts that you intend to add a finance charge to. Fill out the header information then click Process to compile the list.
| Field | Explanation |
|---|---|
| Stores | By default all stores will be included in the query. Use the dropdown to selected a specific store(s). |
| Customer Types | By default all customer types will be included in the query. Use the dropdown to select one or more types. |
| Statement Date | Enter the date of the statements for printing purposes. |
| Finance Charge Date | Delivery dates during or before this specified date will receive a finance charge. |
| G/L Date | Select the General Ledger post date for the finance charge(s). |
| Finance Charge | Enter the finance charge percentage to be calculated. |
| Compound | A choice of whether to compound finance charges is available. Compounding finance charges are not permissible in all areas, so check with an accountant. Orders that are flagged as "On Hold" in Order Entry will not have finance charges computed. |
Tips:
- It is possible to compute finance charges more than one time in any given month.
- If a single store is selected, use caution in subsequent processing so that the single store is not processed twice.
- When statements are printed, only the last assessed charge will show as current charges, including duplicate charges performed in one month.
- When generating the list of orders to apply finance charges, the system will look at the Term Days on the customer record. If the term days have not passed (based on the current date), then the invoice will not show in the list.
After compiling the list of invoices that meet the criteria for a finance charge you will need to Tag the ones you want included in the Post.
Note the column labeled Tag. This shows which invoices are tagged, , and which are untagged,
. This tagging is what determines which invoices are included in the Post, not the checkboxes to the left.
When all of your selections have been made, click the Post button at the top of the screen.
Options
| Print Finance Charge Notice | Notice of finance charge to be sent to client |
| Print Finance Charge Invoice | Invoice with Sold To and Ship To information that can be mailed to the client alerting them to the balance due. |
Reports
Reports can be saved as PDFs or physically printed. After selecting Post a print preview screen will appear and a printer can be selected from there.
Posted Finance Charges
This is a list of all charges to be posted. It is timestamped. The statement date and finance charge percent is list at the top. The total amount of all finance charges is listed at the bottom of the Charge column.
Finance Charge Notice
A simple cover letter alerting the client of the type of charge, the amount, and the transaction date.
Finance Charge Invoice
An alert that a balance is due and that the balance amount has changed. The type of charge and amount are listed as well as the transaction date.
- From the Finance Charges screen click the Unpost button,
.
- The Unpost Finance Charges dialog will come up. Select the store(s) to be included in the Unpost as well as the date the charges were originally posted on. Then, click OK.
- A message will appear at the top of the screen indicated that the charges have been unposted. If there are no records matching the store(s) and date entered no action will take place.
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