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Setting up finance charges

When you set up finance charges, you first determine how you want to process finance charges for your company. Then by client, you can specify a different rate or choose not to create finance charges at all.

In addition, as you create a finance charge, you can change the amount.

Set up finance charges

To set up general finance charge processing for your company:

From the Company menu, click Preferences.
Click the Billing tab.
In the Finance Charges area of the window, do the following:

Select the Create finance charges check box.
Enter the annual percentage rate, minimum balance, minimum finance charge, grace period days, and finance charge start date.

Click the Income Statement Accounts tab.
In the Finance Charges field, either select an income account or create a new account for finance charges billed. To create a new account, click the New button on the Account List window.
Click Save.

Set up exceptions for a specific client

To set up a different percentage rate for a client or completely exclude a client from finance charges:

From the Setup menu, click Clients.
Double-click the client you want.
If you do not want to charge a client finance charges, clear the Create finance charges check box. Otherwise, leave the check box selected.
To change the percentage rate used to create finance charges on this client's outstanding balances, enter the rate in the Annual Percentage Rate field.
Click Save.

Include finance charges on client invoices

If you are currently printing the Aging Summary on client invoices, Ajera includes amounts for finance charges in it.

If you do not want to include finance charges in the aging summary, do the following:

From the Setup menu, click Invoice Formats.
On the General tab, at the lower right of the window, clear the Include finance charges check box. Note that this check box is available if the Print aging summary check box is selected.
Click Save.