Steps
to Print a ReportNote: In order to use the Process Late Charges option, set up the system to calculate late charges by doing the following: 1) in the Accounts Receivable System File, select the Enable Late Charges field and complete the remaining fields in the Late Charges section; and 2) in the Department File, select the Assess Late Charges field for the applicable departments and complete the Late Charge Revenue Account field (only if operating on an accrual basis).
From the Accounts Receivable screen, select the Statement Cycle menu and then Process Late Charges.
Note: The Process Late Charges option is disabled if the Enable Late Charges field is not selected in the Accounts Receivable System File.
At the Process Late Charges screen, enter the month for which to post the late charges (invoices) in the Processing Month field. Use the mm/yyyy format or click the down-arrow button to select the desired date. Leave the field blank to default to the current month (as based on the computer date).
Tip: If the Aging Method field in the Accounts Receivable System File is set to Processing Month, the month of the date entered here will be used to determine the age of the outstanding balances.
Note: If the month entered in this field is more than two months different from the current month, a warning icon will appear to the right of the field; verify the month entered is correct. If the specified processing month is in the next fiscal year and there are funds in the Fund File in General Ledger with the Automatically Start New Fiscal Year field not selected, the Start New Fiscal Year option will need to be completed for the appropriate funds if it has not already been done.
Enter the invoice date to use on the invoices for the late charges in the Late Charge Date field. Use the mm/dd/yyyy format or click the down-arrow button to select the desired date. Leave the field blank to default to the current date.
Enter the date the late charges (invoices) are due (the payment is required) in the Due Date field. Use the mm/dd/yyyy format or click the down-arrow button to select the desired date. Leave the field blank to default to the current date.
Tip: If the Aging Method field in the Accounts Receivable System File is set to Month of Due Date, the month of the date entered here will be used to determine the age of the outstanding balances.
All the customers with late charges calculated for the specified processing month appear in the Late Charges List. Only the customers who have a balance within (and greater than) the number of days specified in the Starting Point Days field in the Accounts Receivable System File for the designated departments appear. For each customer, the outstanding balance separated out by department, the amount of late charges calculated for the department, and the appropriate revenue account number to credit for the late charges (only if operating on an accrual basis) display. If desired, make the following changes as needed:
To change the amount of the late charges and use a different amount than what was calculated for a customer (customer's department balance), click in the Late Charges field and key the desired amount. The amount can be up to 14 characters long (including the decimal point) and will be rounded to 2 decimal places by the system if capable.
To delete a late charge from this list so it will not be processed for the customer (customer's department balance), click the Delete button to the left of the desired row; when prompted to delete it, click Yes.
Note: The late charges are calculated by multiplying the department balances for the customers with the annual percentage rate as entered in the Accounts Receivable System File, and then dividing that amount by 12 to determine the late charges for the month. If the calculated amount for late charges is less than the Minimum Amount defined in the Accounts Receivable System File (if applicable), the amount entered in the Minimum Amount field will be used as the late charges that month, prorated among all the department balances if needed, for the customer.
Tip: If the late charges had previously been processed for the specified month for a particular customer (customer's department balance), the row will be disabled (gray) and the late charges will not be processed again for that customer (customer's department balance). Also, if a customer has a credit (negative) balance in another department than the one for which the late charges are being calculated, a warning icon will appear in the Amount Past Due field; verify the customer's balances before continuing as a payment may have been applied to an incorrect department and thus the late charges may not need to be processed for the specified department.
To view a listing of the late charges to be processed, print the Late Charges Listing from the Reports menu.
Once all the information is correct, click the Execute button to process the late charges; when prompted to continue, click Yes.
After the late charges are processed, a message will appear; click OK.