Add Late Charges/Change Late Charges
Use Add Late Charges/Change Late Charges screens to add new late charge codes to the system and edit existing late charge codes.
To open the Add Late Charges/Change Late Charges screens, navigate to Configuration > General Ledger > Accounts Receivable > Late Charges.
The fields on the Add Late Charges/Change Late Charges screens are:
| Field | Description |
|---|---|
| Code | A one character code used to represent the late charges to be applied to overdue accounts. |
| Minimum Charge | Represents the minimum late charge amount that will apply to overdue A/R accounts each month. |
| Months Grace |
The number of months an invoice must be overdue before late charges will be applied. In conjunction with the Posting Date specified on the Apply Late Charges screen, the number of Months Grace will determine the Cutoff Date that is populated on the Late Charge Codes screen when applying late charges.For example, if the Posting Date is November 30th and the late charge code has a 2 month grace period, the Cutoff Date will be September 30th and only invoices dated September 30th and earlier will have late charges applied to them. |
| Minimum Overdue Amount | The minimum amount an invoice must be overdue by before late charges will be applied. |
| Late Charge Applied on Late Charges | If selected, allows you to charge late charges on top of a prior late charge. |
| Print Late Charge Invoice | If selected, the system prints a separate late charge invoice for each account when printing A/R statements. |
| Late Charge Percentage | The late charge percentage applied on specified dollar amounts. This allows you to apply a late charge percentage up to X amount of dollars, and another percent for amounts over X amount of dollars. |
| Active for System |
Controls whether the late charge code is active for use within the system.
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The buttons on the Add Late Charges/Change Late Charges screens are:
| Button | Function |
|---|---|
| Save | Saves changes made on the screen you are currently on. |
| Copy |
Copies the selected late charge code. This button appears only by accessing the Change Late Charges screen by clicking on a Code |
| Save/New |
Saves a newly added late charge code and refreshes the Add Late Charges screen, allowing you to add another late charge code without closing the screen. This button appears only by accessing the Add Late Chargesscreen by clicking the Need to create a new late charge? Click here to add link. |
| Save/Next |
Allows you to save any edits/changes made to the selected late charge code and scroll through to the next late charge code in the list to apply any edits/changes. This button appears only by accessing the Change Late Charges screen by clicking on a Code |
| Close | Closes the screen you are currently on without saving and returns to the Late Charges screen. |