Late Fees / Finance Charges

If you are using late fees, each customer that would get charged a late fee should have the rate set in their customer record

You can also set a default so any new customer you create will have the finance charge field populated with the default rate (setup > Company > Customer Defatuls > Finance Chg % ---enter monthly rate)

Setup how many days past due you want to start calculating finance charges:
- Go to Setup > Company > System
- Click Edit
- Locate the Calculate finance charges when invoice is ____ days past due (image below). Enter number of days.
- Click Save.

Then you can run a utility that will calculate the late fee for all of your open invoices
- Go to Utilities > Utilities > System
- Select Generate Finance Charges
- Click Run It
- SME will calculate the finance charges.

The late fee shows on the Totals tab on the invoice

You can also go to individual invoices and calculate late fees.
- Go to the invoice
- Click Actions > Calculate Finance Charge.