Applying Finance Charges

Before you run 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. From the Closing menu, select Statements and then Apply Finance Charges. The Report Window 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 Reversing Finance Charges.