Enable this option to have entrée calculate finances charges for customers that have outstanding invoices beyond a specified payment date.

 

•Finance charges may be calculated manually using the Compute Finance Charges utility.

 

Calculation Date

Enter the ending date for calculation in the Calculation Date field. All invoices with an outstanding balances, that were delivered on or before the calculation date, will be assessed a finance charge.

 

•Only customers that have the Finance Charge option enabled, in Customer Maintenance will be subject to finance charges being assessed on unpaid invoices.

 

Percentage

Enter the percentage rate, to assess upon the unpaid balance of the invoice, in the Percentage field.

 

•A value of 1.5, will calculate out to an annual percentage rate of 18%.