Assess Finance Charges

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  • Updated 3 years ago
I have just set up the 'Assess Finance Charges' Function but found that Reckon omitted a number of Customers with overdue invoices.  I don't see any rhyme or reason to this omission.

Has anyone else experienced this issue when they first started using this function.
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Nikita

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Posted 3 years ago

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Luke, Employee

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Hi Nikita,

Could you please confirm whether you have setup this function to calculate charges from 'due date' or 'invoice/billed date', also the grace period and the due date or the invoice date of the invoices which have been omitted?

If you have setup the grace period as three (3) days and it's to calculate charges from invoice/billed date then Reckon Accounts waits until the fourth (4th) day to assess finance charges. For example, if the starting date is June 1 and the grace period is 3 days, Reckon Accounts waits until June 5 to assess finance charges.

I hope this helps.

Luke.
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Nikita

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Hi Luke

Thanks for your help with this matter.  

I have set up the Finance Charge to be assessed by Due Date.
There is a 21 day Grace Period.
In reviewing the outstanding account that was omitted from the process I can see the assessment date was the 21st day!

Problem Solved!