Set up finance charges
- ChooseSetup, thenFinance Charges.
- Enter a unique ID (up to 11 characters) and a description (up to 30 characters) for the finance charge.
- In theAnnual ratefield, enter the applicable percentage rate.
- If you want to set a grace period after the due date, select the unit (days, months, weeks), and enter the number of units.
- To include prior finance charges in the total when calculating finance charges, mark theCompoundcheckbox.
- Select the date from which to calculate the finance charge.
- If you charge a minimum finance charge, enter that amount in theMinimum finance chargefield.
- Select the applicable GL account for the finance charge transactions.
- If the finance charge amounts are taxable, mark theTaxablecheckbox.
- In theCustomer past due balancefield, enter the minimum amount that the customer can carry as the past-due balance before the application calculates the finance charge.
- SelectEnterto save the finance charge.
