Use this tab to apply finance charges and set credit limits for customer accounts.
Some of this information may be optional, depending on your company's accounting polices and procedures.
You can also review a customer's account receivable information to determine a customer's available credit and other balance information.
You must set up the A/R Settings screen to allow for finance charges to accrue before you can apply finance charges to a customer's account. Use this tab to set the finance charge percentage for this customer as well as to review the credit limit and A/R balance information.
Use the fields in this group box to enter pertinent information.
Select this checkbox to apply finance charges to this customer.
You cannot select this checkbox if you have not selected the Automatically Apply Finance Charges on Accounts checkbox in the A/R Settings screen.
The system calculates finance charges by multiplying the balance due by the annual percentage divided by 360 times the outstanding days.
In general, governmental agencies should not select this checkbox.
This field automatically displays the Number of Grace Days field from the A/R Settings screen, but it can be changed. The number of grace days is the number of extra days, past the due date, that a customer can pay an account before finance charges accrue.
You must select the Apply Finance Charges checkbox to enable this field.
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Note: If you select the Apply Finance Charges checkbox, and do not enter a value in the Number of Grace Days field, a value of "zero" will default. |
This field automatically displays the value entered in the Annual Rate field in the A/R Settings screen.
Change this field only if you want to apply a different rate to this customer. The system will divide the rate by 360 to determine a daily rate. You must select the Apply Finance Charges checkbox to enable this field.
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Note: If you select the Apply Finance Charges checkbox, and do not enter a value in the Number of Grace Days field, a value of "zero" will default. |
Use this field to select a credit limit for this customer that reflects your company policy and procedures.
If the available credit limits do not meet this criterion, you can set up additional credit limits in the Credit Limits screen.
When you print customer statements, any amount over the credit limit will be included in the minimum monthly payment due.
If you use a credit rating service, enter the number that relates to this customer for that service.
This field is not validated against other database information.
Use this field to select a credit rating code for this customer. You set up the credit rating codes in the Credit Ratings screen.
You may want to use the same rating codes that your rating service uses.
Enter the date, or use the Calendar Lookup, on which the credit rating code took effect.
The fields in this group box are non-editable.
This balance increases when accounts receivable post, and decreases when cash receipts post.
This is the total balance due for the customer.
This balance increases when Sales Orders are approved, and decreases when invoices post.
The system derives this figure by adding the Outstanding A/R Balance to the Approved Order Balance and subtracting that total from the Credit Limit Balance.
Changes in this screen update the CUST (Customer) table.
