Printing Custom Accounts Receivable Reports
Calculating Finance Charges (Custom)
Before you can calculate finance charges, you must set the finance charge parameters in the (LA3) Statement Parameters screen.
In addition, you should age your accounts before calculating finance charges. For instructions, see Accounts Receivable Basic Procedures.
Finance charges are calculated for every overdue invoice in the AR-MASTER file. Therefore, you cannot use the sorts and limits to report finance charges for certain customers. However, to eliminate finance charges for key customers, use the Exempt Status field in the (LA3) screen.
Notes: You should calculate finance charges before printing statements. That way, your statements include up-to-date finance charges.
If you try to calculate finance charges more than once during a single month, the old finance charges are replaced with new ones.
The Create Pick Tickets for Finance Charges field in the (LA3) screen determines how finance charges are posted. If you set it to Y, a status 8 pick ticket is created for each finance charge. You can change these tickets and move them to invoice status, just as you do with any other pick ticket.
If you set the Create Pick Tickets for Finance Charges field to N or leave it blank, finance charges post directly to A/R. For more information, see Accounts Receivable Parameters.
Note: Calculating finance charges is a batch process; no report prints.
In the (O) screen, type 07 in the Selector field.
The date in the Age By field is used to calculate the age of each invoice by counting the days between the invoice date and the date you specify. After aging, invoices are divided into four groups: current, and exceeding 30, 60, or 90 days. (Calendar months are not used.)
Each time you calculate finance charges after the first of the month, finance charges post to the first day of the next month. This lets you calculate finance charges without waiting for the last day of the current month. For example, if the system date is 04/28/03, the finance charges post to 05/01/03. To ensure proper aging, specify the last day of the current month as the aging date. If the system date is 04/28/03, for example, enter 04/30/03 (the last day of the current month) in the Aging field. The accounts age to the end of the current month (April), and post finance charges with a date of 05/01/03.
Press Tab to for the system date, or specify a different date.
The Cutoff Date field lets you exclude from the finance charge calculation invoices posted after a specific date. To include all invoices, press Enter. To specify a cutoff date, enter the date. If you specify a cutoff date, finance charges are calculated only on invoices dated on or before the cutoff date. (The Printer and Copies fields do not apply to this procedure.)
Use the Loc field to limit the calculation by location. Press Enter to include all locations. To limit to a single location, enter it.
Skip the other fields in the print line.
If you specified Y in the Create Pick Tickets for Finance Charges field in the (LA3) screen, a status 8 pick ticket is created for each finance charge. You can verify these tickets and move them to invoice status. (When these tickets become invoices, they post in the Accounts Receivable Posting window.)
If you specified N in the Create Pick Tickets for Finance Charges field in the (LA3) screen, finance charges post directly to the Accounts Receivable Posting window. Then the Customer History window is updated, as are the Finance Charges $ fields in the (PDA) President's A/R screen.
Note: If you intend to print statements after calculating finance charges, make sure that the calculations are complete before you begin. Open TBLServer and click Users, then Administrator. The program name ;RPT:OC1 means calculations are still in progress. When this program name no longer appears, the process is complete.
Return to:
Period-End Steps for Day-End, Month-End, and Year-End
Understanding the Flow of Accounts Receivable
See also: