After speaking to MYOB Help, I believe we identified an error in terms of its treatment of customer finance charges in MYOB Accountright which can best be explained as follows -
Finance charges are applied to a customer statement if the customer's invoice is overdue. Let's say the invoice amount was $1000 and the finance charge is $100. If the customer pays only the invoice amount after receiving the statement i.e. the $1000, and the payment in recorded by closing out the invoice, then the $100 finance charge disappears - as if it never existed.
This cannot be correct, as the customer has accrued an additional liability which should remain on its account i.e. it still owes the $100.
I have discussed this with MYOB help, and they agree this is an oversight, and could not advise a rememdy. A manual solution defies the purpose of using an accounting package, so is not something I'd want to consider. I hope a future edition of MOYB will fix this, as we currently have no way of tracking finance charges due by customers who did not pay their finance charge.
Regards
Erich
"Finance charge on customers disappear when invoice is closed out"
