Receivables: Finance Charges

Now let’s talk about using the finance charges function let’s click on receivables and select finance charges there’s only one finance charge function in rb 9 and you will utilize this function to do three things basically one it’s a lookup function so you can look at all finance charge history you can search by date range bill to firm or specific invoice number

Or pin point you know some or specific business units but you can look up finance charge history tied to invoices in regards to finance charges that are generated and finance charges that have been cleared as well so you get that full history now you’ll also be able to clear finance charges from invoices using this function and you’ll also be able to generate

The finance charges every month before you run the statements so let’s look at searching using the finance charge function let’s go back a little bit here a couple months i’ll go back to october first and if i click search here bunch of invoices come up and we have tons of data here and if i look all these finance charge dates were 10-4 so that tells me on 10-4 i

Generated in finance charges and you can see in that column it’s all the same the finance charge amount is all positive amounts so that gives me another clue that’s what i did i actually generated finance charges on those particular days notice here that they all have check boxes – if it’s something that you did generate then you could also clear it so for example

See also  Alpha #Finance #ALPHA Analysis & Price Prediction, Alpha HOLDERS MUST WATCH Best Crypto 2021

If i wanted to clear one of these as long as it has the balance here like this one i can check it and select clear and i can clear all or only checked probably only going to do only checked and it will give you operation successful so that one was five seven four eight so let’s research this data the same date range we have that same invoice here it says on ten

Four we did generate it for a dollar twenty two finance charge now let’s go to the last page and scroll all the way down and that same invoices right here notice there’s no checkbox and if we look at this i generated it today which is my date it has a negative dollar 22 so that’s the finance charge being cleared and notice it does not have a checkbox next to it

Because i can’t do anything with that one i can’t clear it again i can’t regenerate it or anything like that so if it doesn’t have a checkbox next to the invoice you can’t do anything to it because some transaction was already done to it within that period of days or if you look at this one for example the balance is already zero so we can’t do anything without so

That’s what it does when looking up positive amounts will be when you generate them negative amounts will show when you actually cleared them now if i wanted to generate finance charges notice at the top right there is a generate button let’s go ahead and click that here you’ll notice that the generate finance charges function is blank because you have to pull up

See also  Does your income qualify for a USDA loan?

Their criteria so in this example i can click search and what rd will do is it will show us all of the invoices that meet the criteria of being able to have a finance charge added to the invoice so basically it does not have a last finance charge date within 30 days so you can see all of these are old so if i really wanted to i could click on generate and select

All invoices and the system will go ahead and generate them off for every single invoice but in this example i’ll give you i’ll show you a handful that are done so i can check off all those click on generate and only checked invoices and there you go operation was successful and those invoices will automatically disappear so if you do them all and there’s a bunch

Of them it will automatically do it and once it finishes this function will be blank and that’s it

Transcribed from video
Receivables: Finance Charges By OMTIUSA