Select the accounts receivable revenue type for the finance charge. The account associated with the revenue type will be used for the finance charge.

Enter the value that will be used to calculate the finance charge as a percentage with up to four decimal places.

Enter the number of days for the grace period. This is the number of days beyond the invoice due date that ProContractor waits before calculating the finance charge.

For example, if you set a grace period of 15, ProContractor calculates the finance charges 16 days after the invoice due date.

Click to select how the finance charge will be calculated.

• Average daily balance - Finance charges will be calculated on the average daily balance.

• Balance as of calculation date - Finance charges will be calculated based on the current remaining balance.

• Original invoice amount - Finance charges will be calculated based on the original invoice amount.

Click to select how invoices for the finance charge will be generated.

• As a new invoice per customer – ProContractor creates an invoice for each customer that has incurred a finance charge.

• As a new invoice per customer and division – ProContractor creates an invoice for each customer in each division that has incurred a finance charge.

• As an adjustment to existing invoice – ProContractor creates an adjusted customer invoice for each invoice that has incurred a finance charge. No new invoice will be generated.

Enter the posting description for the finance charge.

Click to select the status of the finance charge.

• Active - Finance charge is available for use and appears in lookup lists.

• Inactive - Customer is not available for use and does not appear in lookup lists on other screens. However, it persists in previous selections.

Enter any comments or notes about the finance charge.

Click to indicate whether multiple finance charges can be applied to a single invoice.

For example, an invoice incurs a finance charge on November 30. It remains unpaid on December 31, the next time finance charges are calculated. If this field is set to Yes, the invoice will incur another finance charge.