Finance Charges Not Calculated On Statements

If terms, either the default terms for the company file or the customer card terms, are not established before sales invoices are created, each invoice will need to be manually updated. The default terms or the customer terms will only be used on cards or invoices created from here on out. They will not affect any previously recorded invoice.

To Change The Company File Default Terms
This will change the default terms for new customer and lead card files going forward. It will not change card files or invoices that were already created.

  • Go to Setup > Preferences > Sales.
  • Click on the Terms icon on the lower left corner of the window.
  • Enter your default terms that will apply to any new cards created in your cards list.
  • Click OK to save the information.

To Change The Terms On The Customer's Card File
This will change the default terms for new sales associated with the card file going forward. It will not change invoices that were already created.
  • Click on the Card File Command Center.
  • Click on Card List.
  • Highlight the Customer card and select Edit.
  • Click on the Selling Details tab. At the bottom of this window, you will see the terms for this customer.
  • After you have made the appropriate corrections, click OK to save the updated information.

To Change the Terms on a Specific Invoice
  • Go to Setup > Preferences > Security.
  • Take the check mark out of the first option in the list, "Transaction Can't be Changed; They Must be Reversed".
  • Open the invoice that you want to change the terms for.
  • Click on the double gray arrows to the right of the word Terms (in the upper right area of the sale). You will now be in the Credit Terms window for this invoice.
  • Now enter the correct terms for the customer invoice. Click OK to accept the changes and close the Credit Terms window.
  • Now click OK to accept the changed information to the invoice.
  • Proceed with the steps listed above for each invoice that was recorded with incorrect Terms information.
  • Once all the invoices have been corrected, re-print your Statements. The Finance Charges will now be calculated.

If you would like the finance charges added to the customers total balance due printed on the statement, be sure place a check mark in the option Add Finance Charges to Amount Due (No A/R Transaction) in the Advanced Filters window of the Print Statement window (Review Statements Before Delivery window).

Finance Charges are only displayed on Statements but do not create an Accounts Receivable transactions. Once the invoice is paid, regardless of whether the finance charges have been collected or not, you will no longer be able to generate a statement reflecting the total Finance Charges.