CounterPoint SQL V8.3.5 Release Notes
In previous versions, you could enter finance charges for your A/R customers as adjustments by using Customers / Adjustments / Enter. In this version, CounterPoint can automatically calculate and assess the appropriate finance charges for each A/R customer, based on the customer’s current past-due balance and the settings in the finance charge code assigned to the customer.
Defining finance charge codes
To use this feature, you must first create one or more finance charge codes that include the settings CounterPoint will use to calculate finance charges, including the minimum finance charge amount, the percentage rate, and so forth.
Use the Finance Charge Codes window (Setup / Customers / Finance Charge Codes) to create finance charge codes for your A/R customers.
Enter a Finance charge code identifier and a Description for each finance charge code you want to define.
From the Age documents by field, specify whether you want to age each A/R document from its Document date or its Due date for the purpose of calculating finance charges.
In the Min age to be considered past due field, enter the minimum age, in days, an A/R document must reach in order to be considered past due.
In the Min past due total for fin charge field, specify the minimum past-due balance for which you want to calculate finance charges.
Select the Calculate fin charge on fin charges to include past-due finance charges in each A/R customer’s past-due balance when calculating new finance charges.
In the Level 1 percent field, enter the percentage rate to use to calculate finance charges.
If you want to define a second percentage rate to calculate finance charges on past-due amounts over a certain dollar amount, specify the amount in the Level 1 cutoff field, and then enter a different percentage rate in the Level 2 percent field.
Specify the Minimum finance charge amount for the finance charge code. If CounterPoint calculates a finance charge that is lower than this amount, the finance charge will be automatically set to this amount.
Finally, enter or look up the Account to which finance charge distributions will be credited when you post finance charges, and then select the Profit center method (i.e., None or Store) for those distributions.