Setting the Minimum Balance Amount on Finance Charges

Overview

If the chargeable balance is below the amount stated, then it will not charge a finance charge on the balance.

To setup the Minimum Balance Amount:

1. From the Toolbar, click ACR for Accounts Receivable.
2. From the Accounts Receivable menu, select Setup Information and then Finance Charge Tables.
3. In the Finance Charge Table box, click Lookup or type * and Click OK.
4. Then select the Finance Charge Table you want to edit and Click Select.
5. On this Screen you can change the Description, set Finance Charge Invoice Type, change Grace Period, set Finance Charge Method 0-3.
6. In the Charge Only On Past Due Invoices? and Accrue On Unpaid Finance Charge? box choose Y  or N. 
7. Click Next.
8. On the A/R Setup Option - Add/Edit Finance Charge Tables screen, you can set the Minimum Finance Charge to Accrue and Minimum Balance Amount.
9. Click Next.
10. When finished click Next the Finance Charge Table/Interest Credit Table to save your changes.

Learn more about Account Processing feature:

• Transferring Balances
• Aging and Finance Charges
• Process A/R Statements
• Adjust Due Dates
• Ability to Accrue Interest on Types of Prepayment
• Charging a One Time Late Fee