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Writing off a Finance Charge
Location: Processes > Account Configurations > Finance Charge > Writing off a Finance Charge
Overview:
Enter the Customers Name, most recent contracts will show under the contract details. Along with any open, closed, reservation, or quote, you will see contracts starting with the letter “f” to indicate this is a finance charge accrued when statements were run.
Finance charges can be written off from:
- Program Menu>Account Receivable>Account Payments
- Counter System>Customer Dashboard.
Instructions:
1. You can write off a finance charge, by right-clicking on the contract number starting with the letter “f”.
* Note: The "Write Off" Option will only appear if the user has the proper authorization to write off finance charges.
2. Once you select write-off Contract, the finance box will appear showing the contract number. Ex. f3313. This will list the amount of the finance charge and any amount that was paid towards the finance charge amount, along with the total amount due. You will be given a message to write off the finance charge.
3. Select either Yes or No.
If Yes, was selected, the finance charge will be written off. Depending on how you have your system set up to refund money, either the finance will show zero or produce a credit on the customer's account. You can go back to the customer Dashboard and see under the contract details the finance charge has been written off.
Display #1 - If your system is set to refund money on closed contracts, your screen will display the finance charge with a zero amount.
Display #2 - If your system is set up NOT to refund money on closed contracts, you will have a credit added to the customer's account. You will apply the credit to the finance charge to zero out the amount.