Usage:

Finance charges are calculated  using the past due amounts and the balances.  It can be set to apply or not under the File > Global Settings > Global > Accounting > Accounts Receivable menu as well as settings on each customer record.  

 

Navigation:

Finance Charge is applied automatically. You can see the applied charges on Cases tab under Customer form. Finance Charge records have icon in front of them.

 

 

Settings that involve Finance Charge functionality:

 

➢ File >Global Settings > Global > Accounting > Accounts Receivable

•Apply Finance Charge on: Select an option from the drop down list for when you wish to apply a Finance charge. Also, required for this option is a specified Finance Charge percentage or a Minimum amount of money for the total balance to be applied to.

•Finance Charge is applied if total amount is greater than... - This option is available to calculate the finance charge only when the total balance is greater than a certain amount.

➢Customer > 5. Accounting  > Billing Options - Some options can be applied to the selected customer and will overwrite the ones set in settings menu.

•Apply Finance Charge - Checking this checkbox option will allow finance charges to apply to this customer based on the settings configured in the Global Settings.

•Use Global Setting Rate - If the option 'Apply Finance Charge' is checked, this option will activate as well which is what you can select for this customer to have finance charge generate based off of the Global Settings.

•Apply: ___ % Per Month - If the option, 'Use Global Setting Rate' is not checked, users have the option to set a custom percentage for finance charges to generate for this individual customer.

*Please Note: This option will only affect the percentage finance charge, all customers that are subject to finance charges will have the same qualification for past due amounts regardless of the specified custom charge percentage.