Editing 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

<br>[[File:Customer_FinanceChargeField.png]]

<br>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)

<br>[[File:CustomerDefault_FinanceCharge.png]]

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

<br>[[File:EnterDaysPastDue.png]]

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

<br>[[File:Utilities_GenerateFinanceCharges.png]]

<br>The late fee shows on the Totals tab on the invoice
<br>[[File:LateFeesTotalsTAb.png]]



== Apply Late Fees to Individual Invoices ==
You can also go to individual invoices and calculate late fees.
<br>- Go to the invoice
<br>- Click Actions > Calculate Finance Charge.

<br>[[File:Invoice_ActionsGenerateFinanceCharge.png]]


== Sync Invoice with Late Fees to QuickBooks ==
If you check '''Export to QB''' on an invoice with a late fee on it, the invoice will go to QuickBooks and the late fee passes to QB through SMP_LateFees as shown in the image below.
<br>[[File:LateFeesOnInvoice.png]]

<br>Make sure you have the income account and tax code set on the SMP_LateFees item in QuickBooks
<br>- Open QuickBooks
<br>- Click '''Lists''' > '''Item List'''
<br>- Locate '''SMP_LateFees''' and open the item up
<br>- Set the '''Income Account''' you want to use for late fees
<br>- Set the '''Tax Code''' on the item
<br>- Click '''OK'''
<br>[[File:SMP_LateFeesOnInvoice.png]]