Accounts Receivable - Finance Charge Register
FunctionThe Finance Charge Register task prints a report of all calculated finance charges prior to making postings to the customers' accounts. Included is all finance charges automatically created by the Finance Charge Creation task and manually entered through the Finance Charge Entry task. Finance charges may be optionally posted to the general ledger.
=> To access this task... Select Finance Charge Register from the Period End Processing menu.
NOTE: Because the Finance Charge Register is printed from the same file as that used by the Conversion Invoice Register, each of these processes should be run separately to avoid confusion between them.
NOTE: Any finance charge that is automatically generated through the Finance Charge Creation task may be modified or deleted using the Finance Charge Entry task prior to updating the Finance Charge Register.
Sample Finance Charge Register
See Output Options.
NOTE: If General Ledger is installed and the GL Posting Parameter is set checked, a second Document Output Display window displays. This GL recap lists general ledger postings, in account number order, created during the Finance Charge Register. If the GL Recap report detects any other errors, an error message appears.
Sample Finance Charge Register - GL Summary
See Output Options.
After inspecting the register, you may choose whether or not to update the selection when the system issues this prompt: Run Finance Charge Register Update
UpdatingThe finance charges are posted to the customers' accounts. When the option is selected to post to general ledger and the Finance Charge Register is also updated, the amount of the finance charge is debited to the accounts receivable account and credited to the revenue account. The accounts set up for the Finance Charge Distribution Code in the Accounts Receivable Distribution Code Maintenance task will be used.
Where individual finance charges are entered using the Finance Charge Entry task, the distribution code established for each of those entries is used.
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