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How to Set Up Finance Charges
STEPS:
- Establish finance charges in either Company Information or Company Parameters
- On each customer set if they are to be eligible for finance charges
- In Terms Codes set the time periods customers have to pay before they are assessed finance charges
- On each customer set the Terms Code for that customer
- Regularly (weekly, monthly) run Calculate Finance Charges (Review and Post too).
- Run Finance Charge Report to see which customers have been charged finance charges and if they have paid.
STEP 1. Establish finance charges in either Company Information or Company Parameters
Config.>System>Company Parameters>Billing Parameters- Finance Charge Settings
![rtaImage (24)](https://help.texadasoftware.com/hubfs/rtaImage%20(24).png)
Config.>System>Company Information- window on Finance Charges
![rtaImage (25)](https://help.texadasoftware.com/hubfs/rtaImage%20(25).png)
STEP 2. On each customer set if they are to be eligible for finance charges
Accounts Receivable>Customer Information
![rtaImage (26)](https://help.texadasoftware.com/hubfs/rtaImage%20(26).png)
STEP 3. In Terms Codes set the time periods customers have to pay before they are assessed finance charges
Config.>Customer Management>Terms Codes
![rtaImage (27)](https://help.texadasoftware.com/hubfs/rtaImage%20(27).png)
STEP 4. On each customer set the Terms Code for that customer
Accounts Receivable>Customer Information - Codes - Terms Codes
![rtaImage (28)](https://help.texadasoftware.com/hubfs/rtaImage%20(28).png)
STEP 5. Regularly (weekly, monthly) run Calculate Finance Charges (Review and Post too).
![rtaImage (29)](https://help.texadasoftware.com/hubfs/rtaImage%20(29).png)
![rtaImage (30)](https://help.texadasoftware.com/hubfs/rtaImage%20(30).png)
![rtaImage (31)](https://help.texadasoftware.com/hubfs/rtaImage%20(31).png)
![rtaImage (32)](https://help.texadasoftware.com/hubfs/rtaImage%20(32).png)
![rtaImage (33)](https://help.texadasoftware.com/hubfs/rtaImage%20(33).png)
![rtaImage (34)](https://help.texadasoftware.com/hubfs/rtaImage%20(34).png)
![rtaImage (35)](https://help.texadasoftware.com/hubfs/rtaImage%20(35).png)
STEP 6. Run Finance Charge Report to see which customers have been charged finance charges and if they have paid.
Finance Charge Report - export to Excel
![rtaImage (36)-1](https://help.texadasoftware.com/hubfs/rtaImage%20(36)-1.png)
![rtaImage (37)](https://help.texadasoftware.com/hubfs/rtaImage%20(37).png)
![rtaImage (38)](https://help.texadasoftware.com/hubfs/rtaImage%20(38).png)