Difference between revisions of "Late Fees / Finance Charges"
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<br>You can also set a default so any new customer you create will have the finance charge field populated with the default rate | <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 Defaults''' >''' Finance Chg %'''. Enter monthly rate) |
<br>[[File:CustomerDefault_FinanceCharge.png]] | <br>[[File:CustomerDefault_FinanceCharge.png]] | ||
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<br>Then you can run a utility that will calculate the late fee for all of your open invoices | <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>- Go to '''Utilities''' > '''Utilities''' > '''System''' |
| − | <br>- Select Generate Finance Charges | + | <br>- Select '''Generate Finance Charges''' |
| − | <br>- Click Run It | + | <br>- Click '''Run It''' |
<br>- SME will calculate the finance charges. | <br>- SME will calculate the finance charges. | ||
<br>[[File:Utilities_GenerateFinanceCharges.png]] | <br>[[File:Utilities_GenerateFinanceCharges.png]] | ||
| − | <br>The late fee shows on the Totals tab on the invoice | + | <br>The late fee shows on the '''Totals''' tab on the invoice |
<br>[[File:LateFeesTotalsTAb.png]] | <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>- Go to the invoice | ||
| − | <br>- Click Actions > Calculate Finance Charge. | + | <br>- Click '''Actions''' > '''Calculate Finance Charge'''. |
<br>[[File:Invoice_ActionsGenerateFinanceCharge.png]] | <br>[[File:Invoice_ActionsGenerateFinanceCharge.png]] | ||
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| + | |||
| + | == 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]] | ||
Latest revision as of 22:45, 22 August 2013
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 Defaults > 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
Apply Late Fees to Individual Invoices[edit]
You can also go to individual invoices and calculate late fees.
- Go to the invoice
- Click Actions > Calculate Finance Charge.
Sync Invoice with Late Fees to QuickBooks[edit]
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.
Make sure you have the income account and tax code set on the SMP_LateFees item in QuickBooks
- Open QuickBooks
- Click Lists > Item List
- Locate SMP_LateFees and open the item up
- Set the Income Account you want to use for late fees
- Set the Tax Code on the item
- Click OK
