Finance Charge Posting
Use this activity to post finance charges, creating open items and updating the General Ledger Journal and Customer records. You should run the posting activity after entering all finance charge transactions and before printing statements.
The Finance Charge Posting activity produces the records for the Finance Charge Transaction Report, which provides a hard copy of the data to be posted. Review the report before posting the finance charges. If errors are detected in the transactions during posting, they are displayed and the posting process stops. You must print the Finance Charge Transaction Report before you can post finance charges.
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.
After you generate the finance charges and review them for accuracy, you must post the charges.