When you click the Go button, the system will inform you that the appropriate AR Sales Journal entries are being made.This function enables you to compute finance charges for all (or a range of) Clients, or for a specific Job or Jobs.
When this function is run, it looks at the outstanding invoices that are past due, and checks to see if an Annual Finance Charge % is entered in the AR Terms for that Job. If so, it calculates the Finance Charge through the End Date that you specify, and displays this information on the Compute Finance Charge Checklist. The user can choose to
Post this charge (by checking the checklist Do box)
Forgive the charge (by checking the checklist Do box and zeroing the finance charge amount
Not process the finance charge at this time (by blanking the checklist Do box).
In order for this function to run properly, the AR Terms records referenced in your Jobs must have the appropriate Annual Finance Charge % field filled in properly. Finance charges are applied to the Client, not to the Job.
End Date The last day to include in the calculation. The system will base the finance charge on the number of days from the Due Date (on the invoice) to the End Date that you specify. The End Date will also be used as the transaction date in the AR Sales Journal entry that will be generated when this function is run.
A/R Control Account
Enter the Id of the GL A/R Control Account to be debited (or double-click on this field to select from a list).
GL Finance Charge
Enter the Income Account to be credited.
Period:
Enter a valid, active Accounting Period Id. Note that the End Date must fall within the Start and End Date of the Accounting Period.
Client Id: AR Invoice Id: Job Id:
To compute finance charges for a specific Client, Job or AR Invoice, enter the appropriate Id. For example, to enter a range of Clients, enter the first and last Id's of the range separated by an underscore (ACME_ZENITH). Several Id's can be specified by separating their Id's with a comma (ACME,MESA,ZENITH).
Do
This field enables you to select which finance charges will be posted. By default, all finance charges are selected. Double-click on the Do field to select or deselect an item (alternately, press the spacebar when the caret appears on this field); an "x" appears in the Do field when that finance charge is selected. The Check and CheckOff buttons on the side button bar enable you to select/deselect all finance charges.
Finance Charge:
The Finance Charge calculated by the system based on the Annual Percentage Rate in the Job record, the number of days the invoice is past due, and the End Date that you entered on the initial screen. If you zero this field (and leave the Do box checked), the system will post that $0 are due, effectively 'forgiving' the charge.
Client Id: AR Invoice: Payment Due: Balance: Job Id:
Order Id: FC Computed:
These display-only fields are maintained by the system.
When you click the Go button, the system will inform you that the appropriate AR Sales Journal entries are being made.