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Accounts receivable

Assess finance charges

  1. Select
    Actions
    , then
    Assess finance charges
    .
  2. To limit the number of finance charges displayed in this screen, in the
    Calculate finance charges through
     field, enter or select the date through which you want to calculate finance charges.
  3. Select the plus (+) sign next to the clients for which you want to display finance charges that can be assessed.
  4. Select the plus (+) sign next to each customer for which you want to display the list of invoices for which finance charges can be assessed.
  5. Select the invoices for which you want to assess a finance charge.
    • To assess all finance charges for all invoices for a particular customer, mark the checkbox next to the Customer ID.
    • To assess all finance charges for all customers for a particular client, mark the checkbox next to the Client ID.
  6. To create the finance charge transaction in the
    Enter Invoices
     screen with a status of Printed, mark the
    Create as printed
     checkbox.
  7. Select
    Assess Selected
    .

Additional considerations

When you enable the Accounts Receivable features for a client in Accounting CS, you can define and assess the client's customers finance charges for past-due invoices.
When to assess finance charges:
Accounting CS assesses a finance charge if the transaction's due date (plus the finance charge's grace period) is on or before the date in the
Calculate finance charges through
 field (also referred to as the
finance charge date
).
If you specified an amount in the
Customer past due balance
 field in the
Finance Charges
 screen for a customer's finance charge definition, Accounting CS assesses a finance charge for the customer only if that minimum has been exceeded. The customer's past due balance is the sum of all open balances for each past due invoice for the customer.
Example:
  • If the minimum customer past-due balance is $100.00 and a customer has 2 past-due invoices (one for $45 and one for $55) as of the finance charge date, Accounting CS doesn't assess a finance charge for the customer.
  • If the minimum customer past-due balance is $90.00 and a customer has 2 past-due invoices (one for $45 and one for $55) and 1 credit memo (for $25) as of the finance charge date, Accounting CS does assess the finance charge for the customer. However, the application will display a message informing you that there are unapplied payments or credit memos available.

This article applies to:

  • Product: Accounting CS
  • Subject: Accounts Receivable
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