The Apply Late Charges utility allows you to apply late charges to customers with outstanding balances based on the Late Charge Fee or Rate and Minimum Balance for Fee or Rate specified in Revenue Center Information (More Information). This only applies to items that are marked to calculate late fees on the unpaid balance (More Information). This does not apply to customers who have Do not charge late fees selected on their record in Customer Information (More Information).
This Section Includes:
Select the Invoice Late as of date. Late charges are applied to open invoices if the Due Date is equal to or earlier than this date. You have filters to narrow down the scope of applying late charges:
•Revenue Centers
•Sources
•Divisions: There is a filter for each division you have set up in Preferences.
Select the Invoice Date for Late Charges. The invoices created for late charges have this date. Click the Search button to display the Accounts Receivable Late Charge Report.
For each Bill To the first row shows the Late Charge Invoice # and the Late Charges amount. The next row shows the Invoice #, Due Date, and Late Balance of the invoice generating the late charge. There is a Total for each bill to in addition to the Total Late Charges number and a Final Total.
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You can navigate the pages, export to several formats (e.g., PDF, Excel, Word), and Print.
Edit the Posting Date if desired and then click the Finalize Post button which applies your late charges and posts the detail to General Ledger.
NOTE: The Post Directly to General Ledger without Editing option allows you to have your journal entry posted all the way through to the General Ledger History so that it can be viewed on reports and on the View Posted Journals page within General Ledger. This allows you to skip having to edit and post the journal entry in the Manage Unposted Journals page in General Ledger.
If you do not wish to apply your late charges click the Cancel link to return to the Accounts Receivable dashboard.