Finance Charges are used to: add interest to an overdue balance on a Customer Invoice, add service fees for transactions, add late fees, or balance transfer fees. Before you begin, there needs to be a decision made regarding the frequency of processing
Prerequisite:
- Disabling Finance Charges
Customers may be excluded from the Finance Charge process. These customers must have the “Disable Finance Charges” checkbox selected before the process begins (can be found on Accounting menu > Customer > Customer / Vend tab > Company sub tab). Default is un-checked – to include all Customers
Process a Finance Charge
- Go to Accounting menu > Accounts Receivable > Finance Charges. The Finance Charges window will open
- Define the values for the fields below and click Run. Note: highlight range in grid to select Customer(s) for applicable Finance Charge
- A confirmation window will appear. Click Yes to continue. Q360 will process the data and look at posted Invoices with totals over the threshold that are at least that many days overdue (specified above)
- Q360 will open the Invoices to Print form. Alternatively, Users can open the form via Accounting menu > Accounts Receivable > Print Invoices
View / Print Invoices Generated:
- Invoices to Print form will open automatically (see step 4 above). Change the Type to FINANCE. Click the refresh button to refresh the grid and see Invoices that have been generated
- Note: The Terms, Currency, and Tax Applicable default from the Customer record. The Master No. is pulled from the Finance Charges form. The Invoice type defaults to FINANCE
- In the Invoices To Print form, select the Invoices you want to process and continue with them as you would with regular Invoices
- When posted, the Invoice will show AR Journal Entries for the Finance Charge applied. These entries may be viewed in the AR Journal as well
For additional information about Finances Charges and fields on the Finance Charges form, see Finance Charge Best Practices