Finance Charges may be assessed per account to produce late fees based on a customer’s unpaid invoices. Finance Charges will reside on a customer’s account as a separate transaction from the original invoice. Finance Charges have a balance and may have payments submitted towards them the same as with invoices. It should be noted that you cannot apply prepayments towards finance charges. Note that finance charges are applied manually at the user’s discretion, on a per-account basis.

Finance Charges work with Net Payment Due days. You will need to set both default to have Finance Charges calculated at the correct time.

Set Up:

Net Payment Due Within Setting

Finance Charge Monthly Interest Rate

Minimum Finance Charge

Net Payment Due Within Setting

  • Gear Icon in the top right

    • Company

  • Defaults

  • Under Account

    • Net Payment Is Due Within

  • Set number of days an invoice can be unpaid before it is considered late

    • Only late invoices qualify for finance charges

Finance Charge Monthly Interest Rate

  • Gear Icon in the top right

    • Company

  • Defaults

  • Under Account

    • Finance Charge Monthly Interest Rate

  • Set percentage of the overdue balance to be assessed as finance charge

    • Set as whole number

Minimum Finance Charge

  • Gear Icon in the top right

    • Company

  • Defaults

  • Under Account

    • Minimum Finance Charge

  • Set the minimum value for finance charges in dollars (regardless of percentage)

    • Prevents any finance charge from being assessed for a smaller value than the amount specified here.

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