Post Finance Charges


Accounts Receivable Menu -> Finance Charges -> Post Finance Charges

After the calculated finance charges have been reviewed and any adjustments are completed in Review Finance Charges, the charges can be posted to the General Ledger and to the customer accounts in the A/R sub-ledger.
In the General Ledger, the Accounts Receivable account will automatically be debited and the Finance Charge Revenue account will be credited as assigned in Default Accounts.

Any customers having a currency with a currency exchange rate, also generate a posting of the exchange amount to credit the Finance Charge Revenue account, and debit the Currency Exchange account as assigned in Default Accounts.

The posting produces a Finance Charges Journal, which is your audit trail.
The Finance Charge Report can be used to review and manage the payment status of existing Finance Charges.

The cut-off date of the run becomes the document date and the Finance charges are indicated in the customer accounts and statements with the document number of:

The prompts are:

DIVISION, "ALL" OR "SEL"
This parameter is only available if the feature to Activate G/L Posting By Division is activated in Support Application Parameters.
Select one of the following:
  • Type ALL to post Finance Charges for all divisions.
  • To post charges for a single division, leave this field blank for the Head Office Division, or enter a specific division code, or select a division from the drop-down list.
  • Type SEL to select several divisions or divisions by accounting region, as outlined in Division Select By Region.

Refer to Calculate Finance Charges for more details on calculating and posting Finance Charges by division.


FINANCE CHARGE JOURNAL SORT
Select one of the following sort options:
  • Select Name to list the finance charge transactions by customer name.
  • Select Customer # to output the list in customer number order.

Finished?
A printer can be selected from the Printer option located on the menu bar at the top of the screen.

Click ACCEPT to proceed with the report or CANCEL to abort.


REPORT PRINTED - PROCEED WITH POSTING Confirmation
Review the posting journal.

Click YES to accept the report and post the finance charges to the G/L and the A/R sub-ledger.
Click NO if the paper jammed and it needs to be to reprinted, or if further changes need to be made to the finance charge records in Review Finance Charges.

Note: Post Finance Charges will throw a warning and then a rollback error to abort the run, if any Finance Charge document already exists for the same date and document name for a customer.

Example of Finance Charges Journal

        ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
                                LONGVIEW RENTALS                           PAGE 1
                            FINANCE CHARGES JOURNAL
                                                                                                                           FINANCE   CURRENCY
        CUST #   NAME                   CUR   TYPE   INV DATE      CHARGES   EXCHANGE
        ------   ----                   ---   ----   --------      -------   --------
         13     BOWMAN CONSTRUCTION      C     F     07/31/20XX      5.25
         21     WEATHERALL ALUMINUM      U     F     07/31/20XX     10.00      4.00
         31     ACADEMY CONSTRUCTION     C     F     07/31/20XX       .75
         56     LANGFORD CONSTRUCTION    C     F     07/31/20XX     16.00

         R E P O R T   T O T A L S                                  32.00      4.00

        ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Reversing A Finance Charge:


Topic Keyword: ARFC10
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