Enter a Finance Charge

Use this procedure to enter finance charges. If mistakes are discovered while reviewing the Finance Charge Edit List but before updating the batch with Update Finance Charger Transactions, corrections may be made using this screen.

If a customer consistently needs adjustments, settings in the customer file should be reviewed to ensure that automatic finance charges are calculated accurately.
  1. Enter the Customer code for whom finance charges will be assessed. If the customer’s status is set to Not used, no entry is allowed.
  2. Enter the Transaction code for the specific type of finance charge being entered.
  3. The software calculated Overdue balance displays. Press Enter, or enter the dollar amount past due for this customer (this is the amount upon which the finance charge calculation was based). Entry into this field now will have no affect on the finance charge shown on the screen.
  4. The Finance charge % will display from the Customers screen. Press Enter, or enter the percent finance charge for this specific charge. For example, if the percentage is 2½%, enter 2.5.
  5. Enter the desired Finance charge amount for this customer. The amount displayed will equal the default "overdue amount" multiplied by the default "finance charge" percent.
  6. Enter the Transaction date for this finance charge adjustment.
  7. After all entries have been made using this screen, reprint the edit list.