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Finance Charge questions

  • 1.  Finance Charge questions

    Posted Jan 23, 2019 01:14 PM
    I had some questions on Finance Charges and wondering if anyone has done something similar.
    1. Is there a way to incorporate Finance Charges on the next SOP Invoice?
    2. Can you limit the Finance Charge routine so that it will only apply to invoices open after a particular day?
    So if a client has an open invoice from 2/1 for $1000 an another open from 3/1 for another $600, can you restrict the routine calculate based on the $600 portion only? 


    Thank you for any insight you may have



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    Justin Carpenter
    Business/Systems Analyst Director
    Medcor, Inc.
    Meridian ID
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  • 2.  RE: Finance Charge questions

    TOP CONTRIBUTOR
    Posted Jan 28, 2019 09:44 PM
    Hi @Justin Carpenter

    In GP2018 there is an option within the Access Finance Charges window called Include Balances and Older.  You could test this out in your test company to see if it could address your #2 question.  I've personally never used it myself so have no feedback on it.

    Include Balances And Older:  Select the aging periods for assessing finance charges. This list is active only if you marked Open Item or All as the account type. The list displays the aging periods set up using the Receivables Management Setup window. Finance charges are calculated on the balance of the period you select, and all aging periods after it.​​

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    Kristen Hosman
    Dynamics ERP Consultant
    Briware Solutions Inc.
    Pine, CO
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  • 3.  RE: Finance Charge questions

    GPUG ALL STAR
    Posted Jan 29, 2019 03:48 PM
    @Justin Carpenter,

    At my last job we had a complex method for computing finance charges. We completely divested GP of the responsibility for computing them and handed the task over to a SQL script coupled with a custom .NET routine using eConnect to create a batch of finance charge invoices.​ We also created an SSRS report to list each Customer's overdue invoices and their associated finance charges.

    GP distinguishes between "normal" invoices and finance charge invoices. Is there an overriding reason why you'd want to list finance charges on an SOP invoice?

    Regards,

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    "Sparkly" Steve Erbach - Green Bay, WI
    Co-Chair, GPUG WI (Green Bay) Chapter
    Blog: https://www.gpug.com/blogs/steve-erbach
    Twitter: twitter.com/serbach

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    Excel Webinar List
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  • 4.  RE: Finance Charge questions

    Posted Jan 29, 2019 05:51 PM
    @Kristen Hosman, ​​Thank you Kristen, So the funny thing is I want to do the opposite of the  "And Older" part of the routine.    We want to draw a line in the sand, if you will, that we want to charge only to invoices from a starting point.  So if there is an invoices open for February & March, we want to calculate on the March invoice only and not the February.  And the way I understand the routine to run, I could run it for the Feb and not Mar....

    @Steve Erbach
    ​Thank you Steve, Looks like I may have to do something similar in order to get it to calculate the way I want.  The "CFO wants it that way", is my overriding factor.  But he's being amicable in that if it can't be done easily he said he would forgo it.   There was an old article on how to add Check number to the Statement in Report Writer.  I then was able to map it to my Word template and thought perhaps someone did something similar could be done with Finance Charges. Oh Well, Thanks anyways.

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    Justin Carpenter
    Business/Systems Analyst Director
    Medcor, Inc.
    Meridian ID
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