Finance Charge

Experienced Partner ScottTaylor
11 Posts
Experienced Partner
Australia
ScottTaylor
Experienced Partner

11Posts

20Kudos

0Solutions

Finance Charge

Hi

 

I am currently setting up Finance charges for late customers.

The Term is 30 EOM

The Finance Charge is 0.83%

When I run the report, the only Finance Charge that appears is on a very old account that is more than 12 months old.

The accounts that were 60+ Days did not report a finance charge.

I can confirm that these accounts did have the Finance Charge Set.

 

I am using Accountright POremier v19.11

 

Thank you

1 REPLY
MYOB Moderator Steven_M
20,853 Posts
MYOB Moderator
New Zealand
Steven_M
MYOB Moderator

20853Posts

2316Kudos

2908Solutions

Re: Finance Charge

Hi @ScottTaylor

 

 Finance charging in AccountRight works by adding the monthly percentage to the terms of the invoice. In terms of showing the finance charge, the only place you would see a finance charge value would be on the customer's statements (you do need to have the Print/Email Statement filter Add Finance Charges to Amount Due (No A/R Transaction enabled).  When payment is received for that invoice, you would manually need to work out the finance charge amount and enter that into the Finance Charge section of the Receive Payments window (bottom right) for that value to be charged, the system will not calculate that value for you.

 

You mentioned that you are seeing a finance charge value on a report for one of your cards, I would assume this was a manual charge either added to the invoice (additional line) or a value added to the Receive Payments window as the software is not intended to automatically calculate that value.


Kind Regards,
Steven
MYOB Client Support
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