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Article ID: 4247

Subject: How to Apply Finance Charges to Account Receivables

Last Modified: May 8, 2013

Applies to: Pro Gold i2 2.xx, 3.xx

Purpose: Agent Receivables (invoicing) can be maintained and billed in Pro Gold. If invoices are not paid in a timely manner, then finance charges can be calculated and added to the agent’s account until the invoice is paid.

Procedure: Actions required to setup and apply finance charges to agent receivables are explained below.

• Step 1: Login to Pro Gold

• Step 2: Go to the Receivables Tab

• Step 3: Set Defaults for Finance Charges

- Select the Assess Finance Charges icon

• Set Defaults for All Finance Charges

§ Minimum Days Past Due: Sets how many days after the invoice is past due that charges are

assessed on the invoice balance

§ Number of Days Between Charges: Sets how often finance charges are applied

§ Minimum Customer Balance: Sets the minimum balance that is needed on an invoice to have

finance charges applied

§ Minimum Finance Charge: Sets the minimum amount that can be applied as a finance charge

§ Apply 1 month or Actual Days: Determines if 1 month of interest is charged, or if the actual

number of days past due are used

§ Include Fin. Chg in Past Due Amt: Select Yes to include the finance charge in the past due

amount or No to leave it out

• Set Defaults for New Customers

§ Annual: Shows the annual percentage rate that will be applied to the outstanding balance

§ Finance Charge Acct: Sets the General Ledger account that will be used for the finance charges

§ Click the Done button to close the screen and return to the Receivables Tab

• Step 4: Set up Customers to Receive Finance Charges

- Click Work with Customer icon

- Use the Quick Find dropdown at the top of the screen or the Find button at the bottom of the screen to

search for and select a customer

- Select the Terms and Balances button from the customer profile screen

- Check the Apply Finance Charges checkbox to enable the default finance charges for the selected

customer and make any changes as needed to the defaults

- Perform Step 4 for any customers that need finance charges setup

- Click the Done button to close the customer screen and return to the Receivables Tab

• Step 5: View the Assessed Finance Charges and Post Them to an FC Invoice

- Select the Assess Finance Charges icon to open the finance charges screen

- Verify/Select the charging date in the Finance Charges As Of field in the upper right

- Select the Customers Tab

- Display a list of invoices with the assessed finance charges

- Use the checkboxes to the left of the finance charge list to apply/accept the charges for each invoice

displayed (Can use the Select All button at the bottom of the screen to select all of the invoices)

- There are two report options available to document the charging results:

• Finance Charge Details

• Finance Charge Summary

- The details report is available as soon as all charges are applied/accepted:

§ Finance Charge Details report prints a list of all invoices charged with amount for each

o Select Print button at the bottom of the Finance Charges screen

o Opens preview screen, select lowercase p on keyboard to print the report

- Click Display Finance Charge Summary button to display which invoices were selected and view posting

options

- The summary report is available once the Display Finance Charge Summary button is selected:

§ Finance Charge Summary report prints summary of total invoices and amount charged for each customer

o Select Display Finance Charge Summary button

o Opens Finance Charge Summary screen

o Select Print button on Finance Charge Summary screen

o Opens preview screen, select lowercase p on keyboard to print the report

- Change the options at the bottom of the screen to affect what information will appear on the invoice

- Click the Apply button to apply charges to the customers and click “Yes”/”Ok” to the following prompts

• Step 6: View the Invoices for Finance Charges

- The invoices created for the finance charges can be viewed through the Batch Posting icon in the

Receivables Tab (if Post All Finance Charge Invoices option was deselected when charges applied

- The invoices for the finance charges can also be viewed by customer

• Click Work with Customer icon

• Use the Quick Find dropdown at the top of the screen or the Find button at the bottom of the screen to search for and select a customer

• Click the Invoice History button at bottom of record

• Click the Invoice button to select the desired invoice at the Customer Sales History screen

• Select Done button to close invoice

• Select Done button to close the Invoice History screen

• Select Done button to close and exit customer record

Additional Information: Below is a link you can use to access Enhancement HelpNet Center resources, which includes the Knowledge Base Article (KBA) Library, Pro Gold i2 Documentation, and Training Webcasts:

http://secured.progoldi2.com

• The Enhancement HelpNet links are located on the right side of the web page.

Knowledge Base Article

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