Finance Charge Posting

This activity posts finance charges, creating open items and updating the General Ledger Journal and Customer records. You should run the posting activity after entering all finance charge transactions and before printing statements.

The posting activity produces the Finance Charge Transaction Report, which gives you a hard copy of the data to be posted. Review the report before actually posting the finance charges. If errors are detected in the transactions during posting, they display and the posting process stops.

Note: You must print the Finance Charge Transaction Report before you will be able to post finance charges.

For each transaction period, the following information is updated for the applicable customers:

The customer's posted balance is increased by the amount of the finance charge
The customer's last finance charge date is set to the finance charge date.

Then, Open Item records are created. In addition, entries are created in the A/R Distribution Journal in the General Ledger. For each transaction, one journal record is created for the Accounts Receivable amount and one is created for the finance charge account.