Importing bulk payments with a finance charge

Emma1201

Hi there, 

 

We often import customer payments from our payment platform without any issues.

 

We are now going to be passing on the finance charges.

 

Can you please help with how to set this up.

 

We have the finance change account set up, the query is more for the importing.

 

Thank you

Jemar_C

Hi Emma1201,

 

Yes, you may set up finance charges for customer payments; just select an account for tracking late-payment charges. Go to the Setup menu, choose Linked Accounts, and then Sales 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. This will only apply to new invoices created, not existing invoices. For more details, see Credit Terms.

 

Check out this helpful article for detailed information about adding finance charges.

 

Additionally, the current workaround for importing payments is to import against the credit card account and use the undeposited funds account. This count can be found in Setup > Linked Accounts > Accounts & Banking Accounts > Bank Account for Undeposited Funds. Then in Banking, go to Prepare Bank Deposit, and the import will show up here. Select the credit card account in the Deposit to Account drop down, confirm the date, tick off the amounts, and record them.

 

Feel free to write a post if you need further assistance.

 

Cheers,

Jem