Use this step to generate finance charges and late fees. If you have never generated finance charges, remember the following:
· You cannot generate finance charges if you have never updated statement balances.
· You must have set up the revenue account for finance charges on the Subsidiary Definition for each receivable ledger.
· You must enter the finance charge percentage on the Subsidiary Control table. If you use payment plans and wish to associate a finance charge and/or late payment fee to the payment plan, you must also enter it on the Payment Plan table.
To generate finance charges/late fees:
1. Open the Generate Finance Charges window.
2. Click the Customize button to customize the InfoMaker query used to select the subsidiaries.
3. Enter additional information needed for generating the finance charges and/or late fees.
4. Click OK.