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- Choose Setup > Finance Charges.
- Enter a unique ID (up to 11 characters) and a description (up to 30 characters) for the finance charge.
- In the Annual rate field, enter the applicable percentage rate.
- If you will allow 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 the Compound checkbox.
- Select the date from which to calculate the finance charge.
- If you charge a minimum finance charge, enter that amount in the Minimum finance charge field.
- Select the applicable GL account for the finance charge transactions.
- If the finance charge amounts are taxable, mark the Taxable checkbox.
- 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.
- Click Enter to save the finance charge.
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