Posting Finance Charges

After you generate the finance charges and review them for accuracy, you must post the charges. Follow these steps to post the charges:

Open the Finance Charge Posting form.
Select the range of customers whose finance charges you want to post, or, to post finance charges for all customers, leave these fields blank.
To print the Finance Charge Transaction Report and verify that the finance charges are correct, click Process.

Note: You must print this report before you can post the charges. The Commit option is inactive until you perform this step.
After verifying the report, to post the finance charges, select Commit and then click Process.

After the finance charges are posted, they display on the A/R Posted Transactions Detail form with Finance Charge as the type and -1 as the invoice number. The posted finance charges display as Finance Charge on this form.

The system does not post transactions that contain incorrect information. In this case, the system displays an error message stating that the posting process is partially complete. You must correct the errors, and then post the finance charges again.

For each transaction period, this information is updated for the applicable customers:

The customer's posted balance is increased by the amount of the finance charge
The customer's last finance charge date is set to the finance charge date.

Then, Open Item records are created. In addition, entries are created in the A/R Distribution Journal in the General Ledger. For each transaction, one journal record is created for the Accounts Receivable amount and one is created for the finance charge account.