Finance Charge Menu

The Finance Charge menu contains commands used to calculate and apply finance charges for eligible customers with overdue balances.

• Generally, there are two ways of setting up finance charge rates.  You can maintain a single universal rate for the service during Service Finance Settings Maintenance or multiple rates using Finance Table Maintenance.

1.  To maintain multiple F/C rates or to apply F/C to specific transaction codes:

a.  Create the finance tables for the different F/C rates you have.

b.  Assign the Finance IDs to the transaction codes for generating customer finance charge transactions.

c.  Create the Billing Finance Transaction Profile and assign the F/C transaction codes to it.  The Billing Finance Transaction Profile is used to generate the customer F/C transactions.

d.  Assign the Billing Finance Transaction Profile ID to the service during Service Finance Setting Maintenance.

2.  To maintain a universal finance charge rate for each service you can use Service Finance Settings Maintenance and maintain the appropriate F/C fields.
Important:  Using this method you can only maintain one finance charge interest rate for each service.

• Do not confuse Finance tables with Finance periods.  They are two separate programs and have separate functions.

Directions

• To open the Finance Charge menu, click Processes from the menu, and next click Finance Charge.
  Keyboard shortcut:  [ALT] [p] [f]

• The table below describes the available options.