Interest on overdue invoices
Hi, I have a customer who has overdue invoices from a year ago and as much as I have tried to work with them, their drip feed payments have started to dry up. I need to know how to add interest charg...
Forum Discussion
Hi,
I have gone through those steps. Successfully added finance charges to overdue invoices and setup finance charge income accounts. I have recently had partial payments of interest charges paid by my customer.
Now when I record the interest/finance charges paid by the customer in the receive payments wondow via finance charge,
it creates a new invoice with the total paid with a balance owing of $0 which is all correct.
However, upon further sending a new statement to the customer, the finance charge paid does not actually come off the total finance charges owing and does not record anywhere in the statements how much finance charges owing has been paid. So they are being charged daily compounded interest on the full amount rather then what they actually owe in finance charges.
is there a fix to this?
Thanks,
Huss
Hi Husst3214,
When you're making customer statements that include finance charges, you need to make sure those charges are set up right and show up on the statements. Here's how you do it:
- Go to the Sales command centre
- Click on Print/Email Statements
- Select the Advanced Filters
- Make sure the Add Finance Charges to Amount Due option is checked
Cheers,
Princess
Thanks Princess_R, I’ve done that, However the statements are not showing the paid finance charges and not coming off the total of finance charges.
Is there a way to correctly show what finance charge has been paid and total owing remaining?
Thanks,
Huss
Hi Husst3214,
Looks like we need more details about how the finance charges are being applied and how the invoices are set up. The finance charge article we have usually covers a percentage based on late payments, but it sounds like you might be dealing with a more complex issue that needs extra help from our support team.
To make sure we can help you further, it would be best to get in touch with our support team directly. You can call them or use one of the various support options available here.
Cheers,
Princess
