Calculate Finance and Late Charges

Calculate finance and late charges for selected clients, then preview the results and view a report before creating transactions. If necessary, update your parameters and preview again.

Tip: To calculate for clients, billing items, and invoices, you must select Subject to finance and late charges on all three record types.

  1. From Receivables, Clients, select Calculate finance and late charges.

  2. Under Finance and late charges, choose one of the following ways to calculate:

    • Late charges added to client accounts. This occurs when clients have a past due balance greater than the minimum balance required for assessing finance charges.

    • Finance charges based on the number of days each transaction is overdue.

    • Finance charges based on the entire past due balance.

    • Finance charges based on the loan balance (using a specific, future date).

      For example, when a client purchases an expensive product from your organization, you allow the client to make partial payments. In return, you charge interest in the form of finance charges. These are calculated through the date of the final payment.

    • Finance charges based on the overall balance, followed by the loan balance.

      Charges are added together, but exclude unapplied payments and credits as well as advanced deposits.

  3. Select additional criteria including minimum balances, days past due, transaction and due dates, and post status.

  4. Determine whether you want to preview calculation results and a report.

  5. Select Next.

    Under Filters, narrow your criteria. You may want to include selected clients or specific charges.

  6. Select Next.

    Under GL distributions, specify the amounts to allocate to accounts and projects for the charges, and choose a distribution method. For more information, see Distributions.

  7. After you confirm parameters, choose how to proceed:

    • To go directly to the report, select Pre-generation report.

    • If you selected to preview results before creating transactions, select Calculate now to review. From here, you can filter your results.

      When you’ve finished, select Process charges and view report.

    • If you did not select to preview results before creating transactions, select Calculate now to immediately process and create charge transactions.

      If you selected Print report, the report is generated for you to review, then print.