Apply
Finance Charges
How Do I...
This procedure calculates and applies finance charges for the customer
and/or prints a report listing all finance charges. Before you choose
to apply finance charges, set up your finance charge defaults in the Customer Defaults window.
How do I set up finance charges?
Since finance charges print on customer statements, you need to apply
finance charges before you print customer statements.
- From the Tasks
menu, select Finance Charge.
- To select a range of customers, enter the Starting Customer ID and the Ending
Customer ID. To select a single customer, enter the Starting
Customer ID, and select the Starting
Customer Only button.
You can limit the information on the report to
a single customer type by entering that type in the Type
Mask field.
- Enter the date you want Sage 50 to use to compute
finance charges.
- Select OK
to accept your choices. Sage 50 displays a second Finance Charge window.
-
Select whether to have Sage 50 apply the calculated finance charges
to each customer's account.
You can choose to apply finance charges to the customers' balances
with or without printing the report.
-
Select whether to print a report detailing how charges were calculated.
You can select to print the report without applying finance charges
to review finance charges before you actually apply them to the customer
accounts.
- If you choose to print the report, select the
report destination as the screen or printer.
- Select a report style, summary or detail. Selecting detail and printing the report will allow you to go back and see how much finance charge was applied to each invoice. In this way, if you agree to remove a finance charge, in part or all of it, you can use the report to see how much to modify the finance charge sales invoice by.
- Select whether to print the information by ID
or by name order on the report.
- Once the options are correct, select OK.
- Select OK
on the Finance Charge Report Selection window, and finance charges are
calculated. Depending on your choices, the finance charges can be applied
to customers' balances and/or displayed on the report.
Warning! The finance
charge journal entries are distinguished by a reference number with a
prefix of FC (for Finance Charge). Finance charges are tracked daily but
only computed when you print the Finance Charges report. Therefore, never
enter a customer invoice with a reference number that begins with FC,
or Sage 50 will use this transaction when recalculating finance charges.
What do you want to do next?