Assess Finance Charges Screen

This screen allows you to assess finance charges on overdue invoices created for customers. You may search for the invoices using the following fields:

• Party ID - Enter the internal ID of the party whose invoice you are assessing the charge to, or search for it using the lookup widget.
• Party Classification - Select the appropriate customer classification (for example, "Do Not Ship Customers" or "Net 30 day billing") from the drop down menu.
• Grace Period - Enter the number of days for the payment grace period according to your customer agreement.
• Interest Rate - Enter the interest rate for the finance charges, as specified in the customer agreement.

Clicking the [Find] button will bring up any open invoices that match the criteria you have entered and display the following information:

• Invoice ID - This is the internal ID of the open invoice.
• Invoice Date - This is the date the invoice was issued to the customer.
• Customer Party - This is the name and internal ID of the customer who you sent the invoice to. Clicking on the customer name will take you to the Customer Statement Screen.
• Days Outstanding - This is the number of days since the invoice due date.
• Outstanding - This is the amount of money the customer owes your organization.
• Previous Finance Charges - This is the amount of money that have previously been charged to the customer.

You may assess the finance charges using the following fields:

• Finance Charge For Invoice - Enter the amount to be charged for the overdue invoice according to the interest rate.
• Description - Enter a brief description to distinguish the finance charge from other charges. Please note that the description will read "Finance Charge For Invoice #" (where the "#" space will automatically display the relevant internal invoice number) by default.

Clicking the check box next to any invoice for which you are assessing the finance charge and clicking the [Assess Finance Charges] button will assess the charges and update the screen to reflect the amount charged.