Accounts Payable > AP Finance Charge

The Record Finance Charge function allows you to post vendor’s assessed finance charges to invoices recorded in your accounts payable system. You can also amend the previously posted finance charges in the same function.

To record finance charges in the system, perform the following steps:

1.Access the Record Finance Charge function from the Routine Tasks menu. The Search screen will automatically display when the function is accessed.

2.Enter in the Search field the vendor number which you want to record finance charges. Alternatively, you may scroll up or down the grid to locate the vendor code; then, double-click the code to select.

3.Once a vendor code is selected, the system will display in the Invoice Details area all the outstanding invoices recorded for that vendor. Select the invoice (s) that you want to post the finance charge and enter in the Apply Charge Amount column the finance charge amount.

4.Accept or amend the date in the Charge Date column. The default date is the system date. This is the date when the finance charge will be posted in AccountMate.

5.You may click the Show () button in the grid's first column to display the invoice's details. Review the information in the following fields, as necessary.

oInvoice Amount

This field shows the amount recorded in the Invoice Amt field during the posting of the invoice in the AP Invoice Transactions function. This amount is unaffected by finance charges, discounts, adjustments and any amounts applied or paid.

oFinance Charge

This field shows the total amount of finance charges previously posted for this AP invoice. Posting finance charge in the Post Finance Charge to Invoice function increases the original balance of your invoice. Note that this amount is unaffected by any amounts applied or paid.

oPaid Amount

This includes all the check and non-check payments you made to the invoice.

oCommitted Adjustment

This field displays the amount of adjustments previously applied that have already been included when printing computer checks or posting handwritten checks.

oCommitted Discount

This field displays the amount of discounts previously applied that have already been included on the check payments previously made to the invoice.

6.Click the Save button from the Transactions toolbar to save the finance charges.

Note: You can post finance charges as many times as you have to as long as the invoice is still outstanding.

Q. I inadvertently posted finance charges to an AP invoice that is not yet due. Can I reverse the charges?

A. To correct the erroneous posting of finance charges, access the Record Finance Charge function from the Routine Tasks menu; then, enter a negative amount in the Apply Charge Amount field. Verify that the reversing finance charge amount does not exceed the previously applied finance charge; otherwise, the system will not allow you to post the reversal.

Record Finance Charge

Record Finance Charge

See Also