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Apply Finance Charges

The Apply Finance Charges option is used to add finance charges for past-due invoices. All customers with unpaid balances are first aged then finance charges are computed for any customer who has been flagged to apply finance charges in the Customer table. The finance charge rate is based on the finance rate assigned in Customer Defaults. Finance charge rate must be greater than 0.00% in order to apply finance charge. The finance charge will post to the default account setup in Ledger Options.

Compound finance charges can be added to a customer if the compound finance charge function is set to yes for the customer. The compound finance charge will add a finance charge to all unpaid finance charges that are past due.

Available Actions

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Apply Finance Charges Fields

For Period Ending	The ending date of the current accounting period used to calculate finance charges.
Customer	The customer ID code.
Account Balance	The customer's current balance.
Delinquent Balance	The amount if the customer's balance that is overdue.
Finance Charge	The amount of the finance charge to be added.
Old Finance Charge	The amount of the finance charge previously calculated for the period entered if finance charges have already been calculated for the period.

Security Required : Receivables - Receivable Adjustments