Generate Finance Charges Window
Use this window to create finance charges and/or late fees for those
students who have an overdue balance.
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Before
running this you must have:
Defined your organization's
finance charge percentages and or late fee amount on the for appropriate subsidiaries.
Finance charges can also be defined as part of a payment plan
on the or the
Payment Plan window
for self-service payment plans. Defined the account code to
which finance charges/late fees are applied on the . You cannot generate
finance charges if you have never updated statement balances. |
If a student is using a payment plan, then the finance charge percentage
defined as part of the payment plan (if any) is used. If
the payment plan percentage is used, it is multiplied by either the payment
plan balance or the student's account balance depending on the definition
of the payment plan. Self-service
payment plans allow for either a percent or amount, or both, for the Finance
Charge and Late Payment Fees. If
a flat amount is specified on the payment plan, a finance charge for that
amount will also be created when the Generate Finance Charges process
is ran.
The finance charge is assessed for the number of days since the last
Statement Date and Period End Date. Unapplied financial aid and third
party payments can be subtracted from the student's balance, thereby lessening
the finance charges assessed. When this information is processed, a transaction
group with a source code of FC is created.
Students may be exempted from finance charges/late fees if their Subsidiary
Master row indicates Suppress Finance Charge.
How To