Setting up finance charges

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  1. Choose Setup > Finance Charges.
  2. Enter a unique ID (up to 11 characters) and a description (up to 30 characters) for the finance charge.
  3. In the Annual rate field, enter the applicable percentage rate.
  4. If you will allow a grace period after the due date, select the unit (days, months, weeks), and enter the number of units.
  5. To include prior finance charges in the total when calculating finance charges, mark the Compound checkbox.
  6. Select the date from which to calculate the finance charge.
  7. If you charge a minimum finance charge, enter that amount in the Minimum finance charge field.
  8. Select the applicable GL account for the finance charge transactions.
  9. If the finance charge amounts are taxable, mark the Taxable checkbox.
  10. In the Customer past due balance field, enter the minimum amount that the customer can carry as the past-due balance before the application calculates the finance charge.
  11. Click Enter to save the finance charge.

Related topics

Accounts Receivable service, overview

Accounts receivable setup workflow

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