Finance Charge Preview

The Finance Charge Preview utility enables Independent stores to view accounts that expect to incur a finance charge on the next statement. The Finance Charge Preview screen enables the viewing of these accounts and deselecting of an account in order to waive the finance charge for the upcoming statement, when needed. The finance charge amount, however, cannot be edited. Changes can be made up until the End-of-Month is run.

The results that display are dynamic; therefore, the captured results may change up to the end of month based on ongoing activity on the account.

Menu Path: Reports, Financial, Finance Charge, Finance Charge Preview screen

How to Use Finance Charges - 13 pages

Report Criteria

Age Store
Specifies the store responsible for aging. Defaults to current store.

Account
Specifies the account on which to report. Click the button to display the 'Find Account' window to search for a specific account. Defaults to blank.

Show Unapplied
Reports the total amount of unapplied credits in the 'Credit' column of the report and does not reduce each period balance by the value of any unapplied credits that were created in the period, when checked. Reports the total amount of unapplied credits in the 'Credit' column of the report and does reduce each period balance by the value of any unapplied credits that were created in the period, when unchecked. Value defaults from the 'Show Unapplied' field on the AR Control Setup screen, 'Store Settings' tab.

Sort By
Sorts the report by 'Account' ('Number' or 'Code', based on the 'Use Account Codes' field on the AR Controls Setup screen, 'Store Settings' tab), 'Account Name', 'Finance Charge %', 'Finance Charge $', 'Total'.

Sort Order
Sorts the report in ascending or descending order.

Age Code
Determines whether to run the report for Weekly or Monthly accounts, or both.

Options are:

'Full Aging' - Reflects both weekly and monthly age buckets (7 / 30, 14 / 60, 21 / 90, OVER 21 / 90) in the 'Display' version. In the 'Preview'/'Print' version, monthly accounts print first followed by the weekly accounts.
'Monthly' - Reflects monthly accounts.
'Weekly' - Reflects weekly accounts.

Select Accounts

Number of Records
Indicates the number of accounts marked for finance charges on the upcoming statement.

[Checkbox]
Selects an individual account, when checked on a row. Selects/deselects all accounts in the grid when the checkbox in the header is checked/unchecked.

Account
Displays the account number or code based on the 'Use Account Codes' field on the AR Controls Setup screen, 'Store Settings' tab.

Account Name
Displays the account name.

FC %
Displays finance charge percentage, as indicated in the AR Controls Setup screen, 'Statement Settings' tab.

FC $
Displays the finance charge amount.

Total $
Displays the total amount due on the account.

Current $
Displays the current amount due on the statement.

1-30
Displays the amount for the 1-30 age period for monthly accounts. For weekly accounts, displays the amount for the 1-7 age period.

31-60
Displays the amount for the 31-60 age period for monthly accounts. For weekly accounts, displays the amount for the 8-14 age period.

61-90
Displays the amount for the 61-90 age period for monthly accounts. For weekly accounts, displays the amount for the 15-21 age period.

Over 90
Displays the amount for the over 90 age period for monthly accounts. For weekly accounts, displays the amount for the over 21 age period.

Credit
Displays the credit pending amount.

The formula is as calculated by the 'Unap Credits' field in the Main Account Entry screen.

Last Pay Date
Displays the date of the last payment made on the account.

Last Pay Amt $
Displays the amount last paid on the account.

Procedure to Waive Finance Charge for an Account

To waive the finance charges for an account, follow the steps below:

From the Menu, select Reports, Financial, Finance Charge. The Finance Charge Preview Report screen displays.
Enter the appropriate 'Report Criteria'. The related fields on the screen highlight and populate, as appropriate.
Click 'Display'. The display grid populates with the accounts the match the entered criteria. All accounts default to checked.
Uncheck the account(s) to waive the finance charge.
Click 'Upd'. The selections are saved.
Click 'Preview' to review the resulting report. A preview of the report displays.
Click 'Print' to print the report. The printout is sent to the default printer.

Finance Charge Preview Report

The following is an example of a 'Finance Charge Preview Report' with the 'Age Code' field set to 'Full Aging'. The monthly accounts print first with a subtotal, followed by the weekly accounts with a subtotal. Within monthly and weekly, accounts sort based on the 'Sort By' and 'Sort Order' drop-down selections. The report only outputs accounts that based on current status of the account, will have finance charges applied on the next statement run (account currently has past due balances and is set up to apply finance charges.

Note: When the report is run with an 'Age Code' of 'Monthly', only the monthly accounts output. When the report is run with an 'Age Code' of 'Weekly', only the weekly accounts output.

Apply
Reports whether finance charges are applied to the account, as indicated. Options are N (No) and Y (Yes).

Account
Reports the account number or account code, based on the 'Use Account Codes' flag in the AR Control Setup screen, 'Store Settings' tab.

Account Name
Reports the account name.

FC %
Reports the finance charge percentage, based on the value set up in the AR Control Setup screen, 'Statement Settings' tab.

FC $
Reports the finance charge amount (Total Past Due * Finance Charge %).

Total $
Reports the total amount due, as identified in the Main Account Entry screen.

Current $
Reports the amount due for the current billing period, as identified in the Main Account Entry screen.

1-30 / 1-7
Reports the amount due in the 1-30 age period, as identified in the Main Account Entry screen, for monthly accounts. For the weekly report, displays the amount due in the 1-7 age period.

31-60 / 8-14
Reports the amount due in the 31-60 age period, as identified in the Main Account Entry screen, for monthly accounts. For the weekly report, displays the amount due in the 8-14 age period.

61-90 / 15-21
Reports the amount due in the 61-90 age period, as identified in the Main Account Entry screen, for monthly accounts. For the weekly report, displays the amount due in the 15-21 age period.

Over 90 / Over 21
Reports the amount due in the over 90 age period, as identified in the Main Account Entry screen, for monthly accounts. For the weekly report, displays the amount due in for the over 21 age period.

Credit
Reports the total amount of unapplied credits when the 'Show Unapplied' field is checked. Each period balance (aging bucket) is not reduced by the value of the unapplied credits that were created in the period.

Displays the total amount of unapplied credits when the 'Show Unapplied' field is unchecked. Each period balance (aging bucket) is reduced by the value of the unapplied credits that were created in the period.

Last Pay Date
Reports the date that the last payment was posted to the account, as identified in the Main Account Entry screen.

Last Pay Amt $
Reports the amount of the last payment, as identified in the Main Account Entry screen.

Procedure to Preview and Print the Finance Charge Preview Report

To preview and print the 'Finance Charge Preview Report', follow the steps below:

From the Menu, select Reports, Financial, Finance Charge. The Finance Charge Preview Report screen displays.
Enter the appropriate 'Report Criteria'. The related fields on the screen highlight and populate, as appropriate.
Click 'Display'. The display grid populates with the accounts the match the entered criteria. All accounts default to checked.
Click 'Preview' to review the resulting report. A preview of the report displays.
Click 'Print' to print the report. The printout is sent to the default printer.