Finance Charges

This help topic is applicable to the following TireMaster applications:

TireMaster Point of Sale

TireMaster Plus

TireMaster Corporate

Finance charges are applied to outstanding customer balances during the month end closing process. In TireMaster, you have the option to calculate finance charges on all outstanding invoices or only those that are a certain age. For more information, see Finance Chrg Later than Day.

Before you perform the statement cutoff, you should apply any finance charges to outstanding customer balances.

Note: Depending on your system control settings, finance charges might calculated only for invoices that exceed a certain age. For more information, see Finance Chrg Later than Day.

To apply finance charges

1. Select Closing > Statements > Apply Finance Charges. The Report Window opens and displays the Finance Charge Edit Report.
2. Review the charges listed on the report.
Note: If you don’t want to assess finance charges for a customer listed on the report, close the Report Window and click No when prompted to post the charges. Then look up the customer’s record and clear the Finance Charge check box on the General tab of the Customer Maintenance screen.
3. Print the report if needed and close the Report Window. A confirmation message appears.
4. To post the finance charges, click Yes. A confirmation message appears.
Note: If you applied finance charges to a customer’s balance in error, see Reverse Finance Charges.

If you applied a finance charge to a customer’s subledger account by mistake, you can reverse the finance charge by creating a special type of ROA.

To reverse a finance charge

1. Click Invoicing. The Open Work Order List opens.
2. Click ROA. TireMaster prompts you for the customer's name.
3. Look up the customer whose finance charge you want to reverse, and click OK on the Customer Maintenance screen to continue. For more information, see Customer Searches.
4. On the ROA Entry screen, type the amount you want to reverse in the Rev. Finance Charge row.
5. To print a different number of copies, change the number in the # of Copies field.
6. Do the following as needed:

If you want the reversal to be applied to open invoices automatically, make sure the Apply ROA check box is selected.

If you want the reversal to be applied to the oldest open invoices first, make sure the Flag Old Invoices check box is selected.

7. Click OK. TireMaster prompts you to complete and print the ROA.
8. Click Yes. The Open Item Ledger opens.
9. Select the finance charge you want to reverse, and type an A in the Apply field.
Note: You might need to remove the A from one of the other fields. To remove the letter A from a field, select it and press the space bar or Backspace key.
10. Click OK. TireMaster prompts you to save your changes.
11. Click Yes. TireMaster prompts you to apply the items.
12. Click Yes.