Post FC/Late Fees - Memo Invoices

Prior to using this utility, the Post FC/Late Fee Product must be selected at Energy / Setup / Preferences.

This utility looks for open Memo Invoices on the Customer account. For any customer with Memo Invoices fitting the criteria entered, a Finance Charge/Late Fee Invoice is created. This Invoice is included on the customer’s Regular Accounts Receivable account unless the Post as Budget Receivable option is selected.

  • Select Customers – Optionally select specific Customers or allow it to default to All customers.
  • Tax Exemption Reason – A Tax Exemption Reason may be selected for the Sales Tax Summary report.
  • Finance Charge/Late Fee Amount – If the Invoice Type is set to Late Fee, this amount is posted on the Invoice using the Product from Energy Preferences. Late Fee Invoices may optionally be marked as a Finance Charge. If the Invoice Type is set to Finance Charge, this switches to say Finance Charge % and the Minimum Finance Charge area is enabled. This creates an Invoice based on the open Memo Invoices and the specified Finance Charge %. The Invoice will be a Finance Charge Invoice and uses the Product set in Energy Preferences. There is also an option for the Finance Charge to Post as Budget Receivable. If the amount calculated is less than the Minimum Finance Charge amount entered, an Invoice for the minimum Finance Charge amount is created.
  • Display Aging as of – This determines the aging of the Memo Invoices.
  • Memo Invoices Due On or Before – This determines which open Invoices to include in the Finance Charge/Late Fee calculation.
  • Invoice Location – The Invoices created post to the specified Location.
  • Posting MethodAutomatic posting posts the Invoices immediately to the Customer accounts. The Review option shows each Customer account meeting the criteria and gives the option to either Post the Invoice or Skip to the next customer.
  • Finance Charge/Late Fee Prescan Report – This report shows the accounts and the charges based on the criteria before posting takes place.
  • Print Invoice – Invoices may optionally be printed as the Finance Charges/Late Fees post to the customer accounts.
  • Post – Depending on the selected Posting Method, Invoices are automatically created or individual Customer information displays on the screen to preview the posting.