By enabling this setting, the system will allow users to perform the Non-Sufficient Fund process, the payment will be voided and the customer will be invoiced (if you choose). To do so, please follow the next steps:
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Go to Setup>Settings.
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Click on NSF Options, under the Account Receivables options.
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Check the box "Enable NSF Options".
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Once you check the box, the system will ask you to select the additional charge (set up in Additional Invoice Charges) and the amount which will be reflected in the new invoice. It is possible you may not want to charge your customers, if so, please enter 0. Check the option Click on Save to finish.
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Finance Charges
By enabling this setting you will be able to charge your customers when they are in arrears during a certain period of time. You can specify the arrears period on which you will start to charge your customers, the percentage to be charged, and the date to apply the charge. Finance Charges can be both manually or automatically generated. Notice this option can be configured per location in the case of Multilocation Companies (read below for more information or read Finance Charges for more information about the process).
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Once this option is set up, the same Finance Charge will be applied to all your customers. If you want to apply a different percentage to some of your customers, the system allows you to make exceptions per customer in the Customer Account "Advanced" Setup. For further information please read Finance Charge Percentage.
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Go to Setup>Settings.
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Click on Finance Charges, under the Account Receivables options.
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Check the box Finance Charges on Open A/R Enabled.
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Once you check the box, the system will ask you to customize the way in which this charge will be applied according to your corporate needs. You can choose if you want to generate Finance Charges manually (from the Aging/Statements screen) or automatically (a specific date for all customers).
This setting should only be updated the first day of the month in order to avoid a double charge.
Finance Charges in Multilocation Companies
This option must be activated per company by going to Setup>>Settings>>Finance Charges. Once enabled, you can set up how the Finance Charges should be processed. There are two options to generate the Finance Charges:
By customer: By selecting this option, a single Finance Charge invoice will be generated for all the open invoices associated to each customer, according to the Finance Charges configuration, regardless of the location. If you select this option, the setup will apply to the whole company. Please read Finance Charges for further information.
By Location: A Finance Charge invoice will be generated for each location with open invoices associated to the customer. A location filter will be available in the Finance Charge Processing window. If you select this option, you must set up the finance charges for each location as explained below.
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Finance Charges per Location
The Finance Charges can be set up on a per location basis. To do that, go to Setup>> Settings, select the option Locations and choose the location you want to apply finance charges for. Remember that the system allows you to made exceptions per customer in theCustomer Account "Advanced" Setup. Since a customer can be associated with several locations the system will take by default the charge set up in the main location of the customer for applying the charge. For further information please readFinance Charge Percentage.
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Some locations could have the Finance Charges Generation automatic and others have it manual. If at least one location has the manual generation enabled, the Generate Finance Charges button will appear on theAging/Statementsscreen. Once you click on it, you must select the location and the system will display all the customers who are in arrears for the selected period and location.
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Payment Terms and Discounts
This setting allows configuring different payment terms for invoicing customers and even applying discounts based on them. In order to add or edit a payment term, please follow the next steps:
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Go to Setup>>Settings.
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Under Account Receivables options, click on Payment Terms
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The system will open the Payment Terms window which contains a summary of the payment terms the Company has. Notice that by going to the Actions column it is possible to Edit or Delete a payment term. To add a payment term, click on Add a new payment Term.
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The Add/Edit Payment Terms window will open.
Payment term:
Name: The name of the term (Net 30, Net 60, Due on Receipt, etc.).
Prepaid: mark this option if the customer is supposed to pay in advance.
Credit Period: length of the credit period in days.
End of the month: by checking this option, the payment term starts counting from the last day of the month of the invoice.
The payment terms are used to calculated the invoice due day in the commissions report as in the next example on which the credit period is 30 and the End of the month option has been checked:
Invoice Date: 08/10/2020 (MM/DD/YYYY)
Commission Report Invoice Due Date column will be: 10/09/2020 (MM/DD/YYYY) since the first day to start counting the 40 days in the credit period is the last day of the month of the invoice (August 31st).
Discount
Set up this section if you want to, set a discount which will apply if the invoice is paid before the number of days set up.
E.g. You enter 30 in the Days field and enter a Discount of 5%, it means that if the customer pays the invoice before 30 days, a 5% discount will be applied (it will be visible on the Receive Payment screen).
Click on Save to finish.
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Notice that when the Clearent Integration is enabled, the system will enable adds two payment methods by default: Credit Card (In-App) and Credit Card (POS Terminal). If you do not want your staff to accept credit card payments using this integration, disable them by clicking on the Edit option from the Actions column.
