accounts receivable Reports

Compute Finance Charges

Last Revised: 02/04/14

Compute Finance Charges is used to apply finance charges to customers who are past due on payments on their accounts. The application identifies customers who have unpaid amounts past their due dates and calculates their finance charges accordingly. The parameters for computing finance charges can be edited in the A/R Parameter Maintenance application. The information is posted to the specified General Ledger account when completed.

The operator must indicate the ageing date and then the program will run. To view the finance charges, the operator must utilize the Finance Charge Listing application. As long as all the finance charges appear correct, they need to be updated using Finance Charge Update. If not all finance charges are correct, they can be edited in Finance Charge Maintenance.