Generating Finance Charges for AR Invoices

To generate finance charges you will need FinanceAR Full role.

Note: While the Finance Charges feature can be used for any types of finance charges, late fees is one of the common applications of this functionality.

Note: The process and timing of late fee invoice creation will be driven by your school's procedures and legal agreements, but in general, it involves the following steps:

Note: before starting the process of generating late fees, navigate to Finance > AR > Receipts to ensure that you don't have any unallocated AR Receipts. Example: consider a family who overpaid. Even if you allocate their receipt to all invoices, there is still an overpayment. You may decide to keep this overpayment as opposed to refunding it. In that case, a portion of the AR Receipt is unallocated. Later, when you create a new invoice, you are given an option to allocate any unused funds, but depending on the exact process used you may still end up with a portion of an AR Receipt being unallocated to this new invoice. Thus, make sure to allocate all applicable AR Receipts before charging late fees.

- Navigate to Finance > AR > Invoices. Note: all overdue invoices are highlighted
- Apply ‘Invoice is overdue' search criteria to find all overdue invoices. Note: you can use DAT Filter if you want to exclude some invoices based on your specific requirements. Note: adjust the selection process if finance charges are not specific to overdue invoices.
- Select all desired invoices.
- Use multi-action Finance Charges.
- Specify rate type (percentage or flat rate) and rate.
- Fill out the details of the Finance Charge Invoice and click ‘Apply Defaults.'
- The system lists all invoices which will be generated. Note: you can arbitrarily override charges for each invoice in case there are any exceptions.
- Click Submit
- The system generates all new invoices

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