Calculate Finance Charges

collection-account_add_128_hotThe purpose of the Calculate Finance Charges function is to calculate monthly finance charges.

The Calculate Finance Charges function can be accessed from:

Customer Center- Finance Charges 

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Percentage. The amount owed will be multiplied by this percentage.

Minimum Charge. You must owe at least this amount to be charged. Anything less than the minimum charge will not be calculated.

Minimum Age to Calculate. Must be at least this age to be charged. If the invoice is newer than the specified age, it will not be calculated.

Check the “Calculate on Accumulated Finance Charge” box if you want to calculate on accumulated finance charge.

Customer. Enter the lowest customer number to be included in the finance charge calculation in the From box. Enter the highest calculated number to be included in the finance charge calculation in the Thru box.

Calculate Finance Charge as of. The date entered does not have to be the same as the statement date that will be printed on the statements. Determine the latest invoice date that is to be financed charged, then count 31 days on the calendar. The 31st day should be entered here as the Finance Charge Date. If you are using 60 or 90 days to determine the oldest invoice to be finance charged, then use the 61st or the 91st day respectively.

Check the “Discard if Less Than Minimum Charge” box if you want to discard finances bellow the minimum.

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Select Print to print a copy of the finance charges.

Select Calculate to calculate the finance charges based on the specifications you made.

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