Charging a One Time Late Fee

Charge customers a one time late fee

The key to charging a one-time late fee is to limit the invoice range in the process.

So, your monthly finance process will be run twice.

1. Setup a new finance charge table.

   1. ACR > Setup > Finance Charge Tables.

   2. Use period ending balance as the method.

   3. Answer YES to Only Past Due invoices.

2. It will only be applied to people that have a default table in name/address (just like your monthly finance charges work)

3. When you run the Aging/finance charge process:

   1. Key in the Aging period of current month (ending date will be the Invoice date on the finance charge document)

   2. Key in the beginning and ending invoice date range (so that would be the invoices from last month that should have been paid. We are only pulling the invoices keyed last month. This is how the late fee is a one time charge over a rolling finance charge)

4. Say no to interest credits and historical update.

5. Select finance charge location

   1. Blank out Finance Charge Table Range

   2. Answer YES to override finance charge table? - this is key.

      1. This allows us to pick all your customers that have a table but force them to use the Late Fee table.

6. Enter the ledger date the same as the invoice date.

7. Update due date to match due date for this month’s invoice.

8. Process

Document written by A. Mueller