Finance Charges

System Location: Data Entry > AR > Finance Charges

The Finance Charge Billing Utility can be used to generate additional customer invoices for late fees incurred due to a lack of payment by customers of their original invoice(s) within the stated terms. The following conditions must be met in order for the utility to create an invoice:

  • The original invoice must be late (i.e. Has not been paid on or before the Due Date listed on the invoice)
  • The Terms Code associated with the late invoice must have a Late Charge Percentage greater than 0 associated with it

When these conditions are met, the user can enter the desired criteria and the system will generate new invoices for the amount of the calculated late fees based on the amount of the original invoice(s) and the Late Charge Percentage on the Terms Code.

So long as a past due invoice remains unpaid, the system will continue generating additional late fee invoices for it if it is included in the utility's date range when used.

ClosedRelated Tables

The following Tables and / or Base Tables are used in the utility (an asterisk [*] indicates it is a required field):

  • *Work Code
    • Used in lieu of the Work Code assigned to the original invoice (if one is present)

ClosedAssociated Reports

The following reports / forms / labels are available under the Print menu located in the Finance Charge Billing Utility:

  • Invoice (Customer)

The following reports are available in the Navigation Sidebar under Reports > AR:

  • AR Aging Summary
  • Sales Summary
  • Statements (Customer)

Closed Finance Charge Billing Utility Header

The Record Header located at the top of the page indicates which specific record has been selected and for what purpose (new, edit, quick view) and displays record specific Action Buttons (discussed below.)

For more information see User Interface.

Finance Charge Billing Header

Action Buttons
Preview (button)

Clicking the 'Preview' button launches the utility and causes it to look for any customer invoices that meet the criteria stated above that fall within the date range selected by the user.

Process (button)

Click 'Process' to allow the utility to create late fee invoices based on the values returned after clicking 'Preview.'

  • Process is not available unless the Preview returns results.
Print (button)

Click 'Print' to print any invoices that were created after clicking 'Process.'

  • Print is not available unless the utility has been processed.
Close (button)

This button is used to close the utility.

  • The system does not provide a prompt when closing, even if the results have not been processed.

Past Due Invoice Selection

The Past Due Invoice Selection section allows you to find invoices within a certain time period that are past due.

Begin Date

This field sets the earliest parameter for the invoice selection.

  • The Begin Date may be left empty.

End Date

This field sets the end of the parameter for the invoice selection.

  • The End Date defaults to the current date.

Date Type

This field determines which date from the invoice is used when pulling invoices from the date range established by the Begin Date and End Date.

Generate Billing

Invoice Date

This field automatically populates with the current date.

First Invoice Number

This field automatically populates with the number listed as the Next Number in Company Maintenance.

Beginning A/R Balance

This field automatically populates with the current A/R Balance.

TotalBilling

This field represents the total amount you are billing your customer through the Finance Charge.

Ending A/R Balance

This field represents what the A/R Balance would look like once you process the Finance Charge.

Customers

The Customers section lists any customer that has an invoice that is past due and falls within the perimeters established in the Past Due Invoice Selection section.

  • The Remove Customer button will remove the selected customer from the grid.
  • The Total column represents the total in Finance Charges that the customer owes.

Past Due Invoice List

The Past Due Invoice List displays all past due invoices associated with the customer selected in the Customers grid. Finance Charges can be removed from processing by clicking the Remove Invoice button.

Invoice No

This field represents the overdue invoice.

Invoice Date

This date represents the date the invoice was issued.

Net Due Date

This date represents the date the invoice was due.

Finance Charge

This field represents the amount owed as a finance charge.

Amount

This field represents the amount owed on the original invoice.