How to Set Up Finance Charges

STEPS:

1. Establish finance charges in either Company Information or Company Parameters
2. On each customer set if they are to be eligible for finance charges
3. In Terms Codes set the time periods customers have to pay before they are assessed finance charges
4. On each customer set the Terms Code for that customer
5. Regularly (weekly, monthly) run Calculate Finance Charges (Review and Post too).
6. 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

Config.>System>Company Information- window on Finance Charges

STEP 2. On each customer set if they are to be eligible for finance charges

Accounts Receivable>Customer Information

STEP 3. In Terms Codes set the time periods customers have to pay before they are assessed finance charges

Config.>Customer Management>Terms Codes

STEP 4. On each customer set the Terms Code for that customer

Accounts Receivable>Customer Information - Codes - Terms Codes

STEP 5. Regularly (weekly, monthly) run Calculate Finance Charges (Review and Post too).

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