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Instead of finance charges how can I setup a late penality? Finance
Re: Understanding finance charges
From: Paul Farber
Date: Wednesday, April 7, 1999
Time: 6:25:55 pm
charges require lots of legal disclosures and it is easier to just bill a
monthly / weekly penality for overdue accounts.
Paul D. Farber II
Farber Technology
Ph. 570-628-5303
Fax 570-628-5545
farber@admin.f-tech.net
On Wed, 7 Apr 1999, Shawn Hogan wrote:
> Troy Harris wrote:
>
> >I think I need a little help in understanding how Optigold handles finance
> >charges. First off, I see that you can set the Finance Charge percentage. Am
> >I correct in assuming that it is xx% per year that they are over due? Also,
> >when does Optigold know when to start assessing finance charges, or does the
> >accounting person have to do that manually?
>
> Finance Charge percentage is an annual rate.
>
> The assessment is baised on individual open invoices.. Each open invoice
> has a certain amount it's charged for (assessment date starts at the
> latter of the open invoice date or the customer's due date (expiration
> date).
>
> - Shawn
>
> -------------------------------
> Shawn D. Hogan
> President, Digital Point Solutions
> http://www.digitalpoint.com
> (619) 452-3696
>
>
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