Finance Charge
Field Definitions:
As of Date Type or select the date that determines how old a balance is. This date becomes the pickup and order date of the invoices that are created to hold the finance charges.
Calculate on existing Finance Charges? Select the check box if you want unpaid finance charges to be included in the calculation of the new finance charge. Clear this check box if you want to exclude older finance charges from the calculation.
Use Due Date instead of Order Date? Select the check box to have a finance charge be calculated off of the due date. If cleared, the order date will be used.
Calculate on items Type the number of days old the balances must be before a finance charge takes effect. The number of days is based on the difference between the pickup date in Order Entry and the as of date in Finance Charges.
Percentage to Apply A finance charge is calculated by taking a percentage of the agency’s total balance. Type the percentage you want to charge in the form of a decimal. For example, type .05 if you want a finance charge of 5%.
Minimum Finance Charge Type the minimum finance charge for small balances.
Generate FC Click to display a list of all finance charges generated during this session.
Special Notes:
Finance Charges are late fees given to agencies with overdue balances. There are two ways to generate a finance charge:
Manually adding a miscellaneous charge with a reference of FC to an existing order in Order Entry, under the Misc. Charges tab.
Finance charges can be generated automatically in the Finance Charges window.
For Finance Charges to work the Late Charges check box must be selected in Agency Maintenance before the agency can receive a finance charge.
After running Finance Charges a new invoice will be created for the agency that includes the miscellaneous charge.