Finance Charges
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1) | Select the Apply Finance Charges menu option.
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2) | Click the Build List button to enter finance charge criteria.
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3) | Verify list of finance charges to be posted. Delete items if necessary.
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4) | Click the Post button to post finance charges.
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All Unpaid Invoices | The program will examine all invoices which remain unpaid. If the due date has passed and a balance remains on the invoice, a finance charge will be assessed. This method can result in a finance charge being assessed multiple times on the same invoice.
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New Past Due Invoices | The program will examine any invoices which have not previously been subject to finance charges. If any new invoices were paid after the due date, or remain unpaid after the due date, a finance charge will be assessed. This method will not result in a finance charge being assessed multiple times on the same invoice.
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For example, if today is May 25, and you want the program to consider invoices that were due on or after May 10, you would enter 15 in this field.
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You can prevent a customer from being assessed a finance charge, or override the finance charge criteria for a specific customer, using the options found on the Customer screen.
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Like most other posting processes, past due notice posting is irreversible. In the event of power failure or computer lockup during posting, re-attempt the posting process again to finish the process.
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