The system can automatically calculate finance charges and apply them to customers’ accounts. To generate finance charges correctly, you must first print an aging report for the date you want to calculate finance charges for. If you do not print this report, finance charges will not calculate correctly.
To calculate finance charges

1 On the Accounts Receivable Reports menu, click Aged Invoice Report.

2 In the Aged Invoice Report window, at the Aging Date field, type the end date from which you want to age the invoices.

3 Click Print.

4 On the Accounts Receivable Period End menu, click Finance Charge Calculation.

5 In the Finance Charge Calculation window, enter the Min Balance to Apply, Min Finance Charge to Apply and any other applicable fields.

6 To begin the calculations, click Proceed.

7 Click the Printer button to print the Finance Charge Journal and verify your changes.

8 A dialog box appears asking if you want to update.

If you have no changes to make, click Yes.
If you have changes to make, click No. On the Accounts Receivable Period End menu, click Finance Change Entry. Make any necessary changes, and then reprint the Finance Charge Journal and update.

NOTE If you click Clear after a calculation is performed, but before the Finance Charge Journal is updated, the calculated finance charges are deleted and are not applied against customers’ unpaid balances.