In the following example, we select the option "The Finance Charge will be generated automatically", with this configuration:

We are currently on September 13th. As we can see in the next image, the customer "Alzate" has accrued €124.00 during the month of July.

Since we set up a period of 31-60, the system will search for the total amount due during that period or older (61-90 and >90) as follows:

€124.00 (July) + €737.66 (May)= € 861,66.

€ 861,66 is the total due during the period and older, the system will deduct the Open Credits of the customer (in any period) prior to calculating the Finance Charge.

 Since we set up a percentage of 10% and there were no open credits, the system generated an invoice for this customer for an amount of €86,17. The invoice can be printed

from Order Summary. Notice the carrier name is No Carrier.

Download here an example of how a Financial Charges invoice will look like. Notice the Finance Charge indicator on the fields description, PO#, Way Bill/Ref #.

In this example, we set up as the manual generation of Finance Charges:

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We want to generate a Finance Charge for the customer "Anthony PalacioCustomer 2".

1) We go to Accounts Receivables>>Aging/Statements and click on Generate Finance Charges.

2) The system opens the Finance Charges Processing window where the system displays all the customers who have open invoices for the current as of the date selected on the same window (the system will allow to select any date on the selected periodpast).The next step is to select the As Of date to apply the charge and the customers we want to apply Finance Charges to. Please consider that if you check the first box, the system will charge all the customers found (for all the pages). The customer Anthony Palacio owns $620.80 "Customer 2" owns $114.84 since the selected period was 61-90. Even though for that period the amount due was $0, the system will consider the older periods. Keep in mind that the system will deduct the Open Credits of the customer (in any period) prior calculating the Finance Charge. Since we set up a percentage of 10% and there were not open credits, the system generated an invoice for this customer for an amount of $62$11.0848.

3) Once we click on Process Finance Charges, a confirmation message will appear, click on Continue to finish.

4) A success message appears at the bottom right-hand corner of the screen and invoices will be available from the Order Summary screen.

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Invoices generated for Finance Charge can be easily identified in the Order Summary Screen since those orders will have a Image Modified indicator.

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Notice you also will be able to identify easily an order generated by Finance Charges in the Order Summary screen. The PO # column will have a message "Finance Charge" instead of the PO #.

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