Late Fees / Finance Charges

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Revision as of 23:51, 18 December 2012 by Amy (talk | contribs)
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If you are using late fees, each customer that would get charged a late fee should have the rate set in their customer record


Customer FinanceChargeField.png


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)


CustomerDefault FinanceCharge.png


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.


EnterDaysPastDue.png


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.


Utilities GenerateFinanceCharges.png


The late fee shows on the Totals tab on the invoice
LateFeesTotalsTAb.png


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


Invoice ActionsGenerateFinanceCharge.png