Dynamics GP Finance Charges in RM
We have had some customers looking for document that shows them what the process is for Dynamics GP Finance Charges in RM (Receivables Management).
Much of this information can be found in the help text. I have added screenshots to help you with the process.
First we need to make sure your Receivables Management is configured correctly for how you want to handle Finance Charges.
Sales >> Setup >> Receivables Management
Compound Finance Charge
Mark to allow finance charge documents to be assessed finance charges. This option isn’t allowed in some jurisdictions, so we recommend you contact your accountant for further information before marking this option.
Auto Apply to Finance Charges First
Mark this option to auto-apply credit documents to finance charge documents first. When you auto-apply a credit document in the Apply Sales Documents window or the Cash Receipts Entry window, Receivables Management will auto-apply credit documents first to any unapplied finance charge documents using the Apply by option you marked in this window.
Then in Options you need to specify the Code and Next Number for the Finance Charge Transactions:
Next you can also set up defaults by Customer Class. These defaults will apply customers assigned to that Class, then you can override as needed in each Customer record.
Sales >> Setup >> Customer Class
Then you will want to verify your customers are configured as needed.
Sales >> Cards >> Customer then click the Options button after selecting the Customer ID.
For each customer, specify if they will have Finance Charges and if they will be by percent or amount.
Find information about Finance Charges in the Help text. In the Index type Finance charges overview.
To review the recommended month-end procedures for Open Item Customers in Receivables Management please see our blog: RM Open Item Customers Month End Procedures at: http://www.isolutionspartners.com/?p=558
Follow these steps to Assess Finance Charges
- Assess Finance Charges. Sales >> Routines >> Finance Charge
- You can define your finance charges options in the Assess Finance Charges window. You can enter a range of customers by name or id. Or select which types of accounts to assess finance charges for.
- You also have the option to include all Customer Classes, or specify a specific or range of classes.
- You also can mark whether to include unapplied credits in aged balances, so you can assess finance charges only for customers who have positive balances. Because payments are sometimes received but not applied before you assess finance charges, customers who actually have no outstanding balance might be assessed a finance charge. Marking this option assesses a finance charge on just the outstanding balance, not the total balance.
- When you mark Include Unapplied Credits in Aged Balances, Receivables Management will calculate the remaining balance as if the credit documents were applied to the oldest aging periods first—although no documents are actually applied at this time. The remaining balance will be assessed a finance charge.This field is available only if you marked All or Open Item as the account type. If you selected Current in the Include Balances and Older list, this field automatically is marked and disabled.
- Print Register: Mark to print a Finance Charge Detail Report, which lists the finance charge documents created when finance charges were assessed for customer accounts.
- Finance Charge Minimum: Enter a minimum finance charge. Customers who would be assessed an amount less than the minimum charge won’t be included
- Finance Charge Minimum Balance: Enter a minimum balance that a customer record must have before you can assess any finance charges. For example, if you enter $5, finance charges won’t be applied to accounts with a balance less than $5.
- 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.
- Process Button: Calculates finance charges. Documents will be created for them in a batch named RM FIN CHG, which you must post to update customer records with the finance charges you calculated.
If your company chooses to print a Finance Charge Invoice document prior to posting the batch created when you Process you can do so prior to posting the batch.
First select the Sales Series, then from the Navigation pane select Receivables Transactions:
Then from the list that appears you can either mark the box on the header row next to Date to select all the documents in the batch, or selectively choose only those Invoices that you want to print.
You can then choose the Print Documents:
Sort documents by: Customer ID, Document Number, Document Date.
Choose Document format: Blank Paper, User Defined 1, User Defined 2.
Or you can choose Send in E-mail:
Sending documents in e-mail from transaction entry in Receivables Management
You can send the document displayed in the Receivables Transaction Entry window by choosing the Send document in e-mail button. The document is sent in the document format you selected using the Customer E-mail Options window.
You can’t send a document in e-mail if you chose User-Defined 1 or User-Defined 2 as the document format from the Options menu.
You can send documents in e-mail if the following conditions are met.
- The document type must be available for the customer to send in e-mail.
- The customer also must have a To, Cc, or Bcc address to receive documents in e–mail.
Once you have printed and/or emailed any Finance Charge invoices required, you are ready to continue with Posting.
You can either go into the batch from the Transaction menu:
Or select post from this screen.
Good luck! You should now be ready to run Dynamics GP Finance Charges in RM!
Let us know if you have any questions.
If you are a customer of iSolutions Partners and would like us to help getting this set up or going thru the process with you, please email us at: email@example.com