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Assess Finance Charges on Past Due Invoices versus Average Daily Balance
When we run the assess finance charge module, NetSuite creates an invoice based on all open invoices. It appears that it creates the finance charge based on average daily balance though this is not specifically called out anywhere:
(Finance Charge Fee Percent/365) * average daily balance
We need to assess finance charges on past due invoices, and not on invoices that are still current (not past due and still within Terms). For anyone offering client payment terms (Net 30, Net 45, Net 60 etc) this is the common approach. Any easy methods to do this natively in NetSuite?
((Finance Charge Fee Percent/365) * past due invoice) * days past due
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