Apply Finance Charges

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This procedure calculates and applies finance charges for the customer and/or prints a report listing all finance charges. Before you choose to apply finance charges, set up your finance charge defaults in the Customer Defaults window. How do I set up finance charges?

Since finance charges print on customer statements, you need to apply finance charges before you print customer statements.

From the Tasks menu, select Finance Charge.
To select a range of customers, enter the Starting Customer ID and the Ending Customer ID. To select a single customer, enter the Starting Customer ID, and select the Starting Customer Only button.

You can limit the information on the report to a single customer type by entering that type in the Type Mask field.

Enter the date you want Sage 50 to use to compute finance charges.
Click OK to accept your choices. Sage 50 displays a second Finance Charge window.
Select whether to have Sage 50 apply the calculated finance charges to each customer's account.

You can choose to apply finance charges to the customers' balances with or without printing the report.
Select whether to print a report detailing how charges were calculated.

You can select to print the report without applying finance charges to review finance charges before you actually apply them to the customer accounts.
If you choose to print the report, select the report destination as the screen or printer.
Select a report style, summary or detail. Selecting detail and printing the report will allow you to go back and see how much finance charge was applied to each invoice. In this way, if you agree to remove a finance charge, in part or all of it, you can use the report to see how much to modify the finance charge sales invoice by.
Select whether to print the information by ID or by name order on the report.
Once the options are correct, click OK.
Click OK on the Finance Charge Report Selection window, and finance charges are calculated. Depending on your choices, the finance charges can be applied to customers' balances and/or displayed on the report.

Warning! The finance charge journal entries are distinguished by a reference number with a prefix of FC (for Finance Charge). Finance charges are tracked daily but only computed when you print the Finance Charges report. Therefore, never enter a customer invoice with a reference number that begins with FC, or Sage 50 will use this transaction when recalculating finance charges.