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:
Refer to Calculate Finance Charges for more details on calculating and posting Finance Charges by division.
Click ACCEPT to proceed with the report or CANCEL to abort.
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:
If the Company Posting Parameters is setup to Prompt User for Customer Payment Discount Account in Customer Payments, a window opens prompting for the discount G/L account:
Method 2:
An alternative method of adjusting an unpaid finance charge is to
issue a credit invoice to the customer in A/R
Invoices and add an invoice as follows:
Converted from CHM to HTML with chm2web Pro 2.85 (unicode) |