Charging Interest to House Charges

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Charging Interest to House Charges

To charge interest to overdue house charges you should:

 

1.Choose House Charge Interest from the Customer Menu Item.  This will start the House Charge Interest Utility Wizard.  You will be asked to provide:

 

•Sale Date for Posting Interest/Charge. RetailEdge will allow you to backdate the interest charge.  This can be useful if you are charging interest on a specific day of the month and have missed posting on that particular date.

 

•SKU for Interest Item.  You will need to create an inventory item for the interest charge.  This will typically be a Non Stock item with $0.00 price and $0.00 cost.  You might want to create a separate Department for this item as well to help you track the sales of these interest items.  The description of the item might be something like House Charge Interest @ 18% Annually.

 

•Annual Rate.  This is the annual interest rate charged.

 

2.Press the Next button

 

3.Press the Run Interest Utility button.

 

A Filter screen will then be displayed to allow you to further limit the number of customers to be charged interest.  These filters include filters on:

 

•As of Date.  This can allow you to run the interest penalty based on charges up to a given date.  This is different from the Sale Date for Posting above but in many situations it might be similar.  

 

•Dating.  You can specify to only include charges over a particular date range (i.e., Over 90 days).  This would allow you to charge different interest on amounts overdue for a longer period of time.

 

•Customer Information.  These include Name, Company, Location Information, etc.

 

Press Ok on the Filter screen after selecting the desired filters.  The number of customers to be charged interest will then be displayed and you will be asked whether or not you want to post the charges.

 

You can see the interest charges in the Sales Manager for the specified Sale Posting Date.  If you need to remove one of the charges simply Void the charge from the Sales Manager before closing for the night or for that particular register.