Finance Charges



  • Linda Hilko

    Our finance charge for late payment is 1.25% per month. How does this translate to the annual or daily rate option in USI.

  • Patrick Tenny

    1.25 x 12 = 15.0000 Annual

    15 / 365 = .0411 Daily

    Finance Charges uses Daily Rate to calculate Late Fee

  • Linda Hilko

    Thank you Pat.

  • Megan Eve

    How does this get added to current invoices? 

  • Maggie U.

    Hi Megan,

    Go to the Finance Charges screen from the Main Menu. You'll want to show the Calculate column and make sure that is set to Yes for the invoices you want to calculate. This is what allows you to add the finance charges. If it is set to no, you can select the invoice(s), right-click and select Tools -> Toggle Calculation.

    After you've done that, select the invoices you want to charge the finance charges and right-click and select Tools. Then you'll select one of two options:

    • Calculate Posted - This creates GL transactions
    • Calculate Unposted - The does not create GL transactions

    You'll always use one or the other of these - meaning you won't have some using Posted and some using Unposted. You'll need to make an accounting decision on which one to use and then proceed to always use that one (use access management to hide the one you don't use).

    Once that process runs, the finance charges are added to the invoice.

    I'm also going to add this information to the article. Let us know if you have any other questions!



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