Finance Charges – TPS Cloud Axis

Finding us charges our amounts or fees charged to a client for past due amounts finance charges are normally a percentage of the past to amount to calculate the finance charges on your outstanding ar you just go to tools and find finance charges and that brings you here to the screen that i’m on the finance charge screen is set up in two parts the first here in

This upper section is where we decide which clients we want to generate finance charges for most of this information is coming straight from the firm properties so what you put in there when setting up that section will influence what you see here on this screen so of course we have your office information here we have the finance charge rate i have mine at 2%

The threshold balance which is the lowest ar balance that will incur a finance charge i have mine at $300 and the minimum finance charge you will charge your clients then we can choose from these options if your finance charges are compounding and whether you will include tax in the amount you charge interest on here we can see what day the finance charges will be

Calculated on so july 31st and the last date finance charges were generated to the last posting day which is usually the last month if these are done routinely so you would usually see june in here but mine is set for the current month because someone in our office created a finance charge for a client earlier today so the system is remembering that you can always

Change or modify any of these fields and if you do feel that you’ve made a mistake or you just wish to start over or just want to go back to the default amounts click this button here to restore the defaults and it’ll go back to the how it was in the beginning to replace finance charge after days automatically defaults to what you have in your finance charge after

Field and the firm properties for all your clients but the from and to fields are a little bit different these allow you to change this for instance an abc company’s client properties you have selected a charge of finance charge after 30 days you always generate finance charges on that last day of the month so that usually works for you however on february 28th and

Voices from january 31st are not technically over 30 days you would like to charge them finance charges because you feel that they are one month overdue and they’re forced to be charged finance charges right instead of 30 days for this month you would like them to incur finance charges after 28 days rather than going into each client’s property isn’t changing them

Manually you would simply click where it says from and type in 30 so we type in 30 here we’re going from right because we’re changing all clients we have 30 days entered in their clients properties this will change only clients with 30 days entered in their clients properties though so if you have some other clients set for 0 or 60 or 90 days it won’t touch those

In the to field we need to type 28 because you’re changing everyone from 30 days to 28 days then you would click apply if you did that and then went and looked in client properties the finance charge after would be changed to 28 for all clients who had finance charge after set at 30 before now once we’re comfortable with everything up at the top of the screen so

All this stuff that we have up here we need to generate these finance charges and see what comes up so let’s take a look at the actions button up here and see what we have going for us before we can even use the print or delete selected we need to generate that’s the first action that we need to do so we’re going to be generating finance charges for every client

Who fits this criteria right all right so i’ve generated everything for the month of july now you can see if we scroll down the columns that we have available to us with the client id we can see the client name the aged balance the finance charge amounts this is taking the 2% that i had up there and creating the finance charge amount and then we have the exists

Column the exist column shows whether or not a finance charge has already been charged for this month you can see $0 for all these so i’m good to go but if there were amounts in here i would not be able to charge a finance charge for them until next month i could try and it still wouldn’t work it’s not gonna let me so i would have to wait until next month to apply

New finance charges for that month we have all this information in front of us and of course it can be sorted if we wanted to we can sort it by client name by clicking up here if we wanted to put those now for medical order or by aged balances we could do ascending descending can sort these however we’d like and for the remaining actions we have up top we can if

We go back up here to the top and choose print if we print this list it’s for internal use only so it’s basically just a printed report of what you see on the screen so all the finance charges to be charged or you can choose delete selected which allows you to delete clients from this list so perhaps there is a client that just sent a payment in that has not been

Applied to his account yet we don’t want to charge him a finance charge if he’s already paid so we would want to delete him from this list before we apply the charges so all we do is click next to his name so let’s do leslie marie here let’s imagine that leslie murray paid off the balance then we come up here and choose delete selected and you’ll see that leslie

Murray disappeared right from the top there it’s important to remember that any client you don’t want to apply a finance charge to who is showing on this list needs to be deleted from the list before clicking apply now if we scroll all the way down to the bottom you can see that we have the apply button here so all we need to do let’s imagine that we want to apply

All these finance charges we click here to select all so we’ve selected them all and we’re going to go ahead and click apply if you decided right now that you just don’t want to do this yet you don’t want to apply finance charges if you want to cancel this all you do is just click out of the screen so if you click on any other icon and leave the screen basically

You’re leaving it all together but note if you do that if you left the screen any changes that you made so when we deleted leslie up here any changes that you made have not been saved so if you were in the middle of doing this and got interrupted so you left tps or clicked out of the screen before clicking apply then when you come back later and decide to finish

It you’re going to need to make sure all the fields up top or how you want them then generate this list again and remove the ones you didn’t want like when i removed leslie marie because removing them from the list isn’t actually deleting them it’s just removing them for the time being so you don’t apply finance charges to them when you click generate they show

Up all over again so you need to make all the changes you made the first time if you get interrupted and have to come back and do this again later but let’s go ahead now and click apply because i do want to apply these finance charges you can see that the data was saved successfully now if i were to come up here and choose generate again they’ll come up again as i

Was telling you there’s leslie marie here but you can see that it does not exist for her because i did not apply one to her right it took her off the list but the rest of these now have something under exist so if somebody else in the office comes in or if i forgot that i already applied finance charges this month and i came in and tried to do it again the system

Won’t let me i would need to wait until the next month to do it and that’s basically how you generate finance charges

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Finance Charges – TPS Cloud Axis By TPS Software