Finance Charge Type

Indicate the finance charge type for this customer.

  • A=Account. Finance/service charges will be assessed against all outstanding invoice transactions, and a single invoice transaction generated for the amount. This option is available for both Open Item and Balance Forward statement types.

  • I=Invoice. Finance/service charges will be calculated on, and applied to, specific invoices. This option is available for Open Item statement types only. If you select this type and then change the statement type to Balance Forward, the Finance Charge type will be automatically changed to A=Account.

  • R=RecType. Finance/service charges will be assessed against all outstanding invoice transactions and grouped according to invoice receivable type. A separate line will be generated for each invoice posted to the specified receivable type.

  • N=No Finance Charges. No finance/service charges will be assessed for this customer. Finance Charge % and Exclude Contract Invoices from Finance Charges fields are disabled. This option is available for both Open Item and Balance Forward statement types.

Note: For all options, except ‘N-No Finance Charges’, if the Exclude Contract Invoices from Finance Charges is checked (below), finance charges will only be calculated for non-contract invoices, except in the case where the non-contract invoice is flagged as ‘Exclude FC’ (via AR Exclude From Finance Charge).