Finance charges paid by customers

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Sales > Credit control > Finance charges paid by customers

Finance charges paid by customers

Finance charges are amounts added to an outstanding balance as a penalty for late payment. A finance charge is added to a customer’s statement. The amount paid by a customer to cover the charge is then recorded in the Receive Payments window.

How finance charges are calculated

Your AccountEdge software calculates the due date of each open invoice using the terms specified in the Selling Details tab of the Card Information window. The overdue balance is then increased by 1/30th of the monthly charge for late payment for every day it is overdue. The monthly charge is calculated by multiplying the amount overdue by the % Monthly Charge for Late Payment value you specified in the customer’s card.

If the customer makes a partial payment during the overdue period, the finance charge is adjusted accordingly.

Setting up, charging and recording finance charges

Before you can apply finance charges, you need to specify an account for tracking late-payment charges. Go to the Setup menu, choose Linked Accounts and then Sales Ledger Accounts. Select the I assess charges for late payment option and select an income account to record the late payment charges.

Set the percentage you will be charging for late payments in the % Monthly Charge for Late Payment field of the Selling Details tab of each customer card.

To record a finance charge

Deleting finance charges

■	Credit control

■	Credit limits

■	Credit holds

■	Adding finance charges paid to suppliers

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