Finance Charges

Reverse Finance Charges for Open-Item Customers  

Reverse Finance Charges for Balance Forward Customers

Using one option, you can calculate and post finance charges for balance forward or open-item customers before printing statements.

1. Select Customer Manager Menu>>Processing>>Finance Charges.

2. Complete this screen.  (Click on a field name for an overview. An asterisk (*) denotes required fields.)

ENTER STARTING CUSTOMER #      (if desired)

ENTER ENDING    CUSTOMER #      (if desired)

ENTER FINANCE CHARGE RATE - APR %

MINIMUM FINANCE CHARGE ALLOWED   

REPLACE MINIMUM CHARGE WITH

CHARGE PARTS/SERVICE ACCOUNTS ?  Y  or  N

CHARGE ON EQUIPMENT ACCOUNTS?    Y  or  N

CHARGE ON RENTAL ACCOUNTS?           Y  or  N

 DATE TO BEGIN FINANCE CHARGES

NUMBER OF DAYS PAST DUE TO BEGIN (30,60,90)

G/L TRANSACTIONS POSTING DATE (MMDDYY)

INCLUDE OPEN ITEM OR BAL FWD    O  or  B

EXCLUDE PREVIOUSLY CHARGED FINANCE CHARGES   Y  or  N

POST TO G/L & A/R?   Y  or  N

3. Press ENTER when you are ready to continue.

4. The system will process the finance charges and print a report with a detail list of the postings.

5. Upon completion, you will be returned to the main menu.

6. These finance charges will appear on the individual customer statements when they are run.

Reverse Finance Charges for Open-Item Customers

If you have charged an Open-Item Customer a finance charge and you wish to reverse the entry, use the following procedures.

1. Select Customer Manager>>Processing>>Payment Manager

2. Enter the Customer Number and press ENTER.

   Type  the customer number to whom you will apply the payment received.

   *Press F2 for a list of existing customers.

   *Press SF6 to search for a particular customer(s).

   When pressing SF6 you can search according to Customer Name, City & State, Zip Code and/or Telephone to narrow your search.  You can also sort according to the above criteria in addition to Customer Number by pressing F2 until you find the criteria you would like to sort by.  You can also search for criteria in the given fields by typing in data and pressing F3 to search for the vendor that STARTS WITH or CONTAINS the data in which you typed.  

3. Highlight the open-item invoice containing the finance charge to be reversed and press ENTER.

4. Enter a positive value for the adjustment in the Make Adjustment field if you wish to reduce the open-item invoice.

5. Press ENTER.

6. Enter a General Ledger account number for your finance charge at the bottom of the screen (Example: 52200).

7. Press ENTER.

8. Select F10 to Save/Post.

9. Enter the correct posting date and press enter

This procedure will debit the Finance Charge account specified and credit the customer's account.

Reverse Finance Charges for Balance Forward Customers

1. Select Customer Manager>>Processing>>Payment Manager

2. Enter the Customer Number and press ENTER.

   Type  the customer number to whom you will apply the payment received.

   *Press F2 for a list of existing customers.

   *Press SF6 to search for a particular customer(s).

   When pressing SF6 you can search according to Customer Name, City & State, Zip Code and/or Telephone to narrow your search.  You can also sort according to the above criteria in addition to Customer Number by pressing F2 until you find the criteria you would like to sort by.  You can also search for criteria in the given fields by typing in data and pressing F3 to search for the vendor that STARTS WITH or CONTAINS the data in which you typed.  

3. Advance to the Adjustment field beside the appropriate section (i.e. Parts/Service, Equipment, etc.).

   Apply the adjustment necessary towards the applicable area listed to the left.

4. Enter a positive value for the adjustment if you wish to reduce what is owed.

5. The Adj. G/L # field will open for entry.  Enter in the General Ledger number for your finance charge.  (Example: 52200)

   This field will be accessible only if an adjustment amount is entered.  Enter the General Ledger number of the account you are wanting to apply the adjustment.  Press F2 for a list of existing customers.

6. Press ENTER.

7. Enter the correct posting date and press enter.