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Understanding Finance Charge Calculation in NetSuite
Finance charges are also called as ‘Late Fees’. When customer not pay the invoice amount at a give time then company charge late fees/finance charges on invoices. Finance charges are usually calculated on monthly basis for all transactions.
Finance charges flow chart:
Setup Finance Charges:
Navigation: Setup > Accounting > Finance Charge Preferences
Assessing Finance Charges:
Navigation: Transactions > Customers > Assess Finance Charges
Line level results are invoice due date exceed results. When you select and save the required result ‘Finance Charge’ record is created by automatically.
If you want change the finance amount.
Payment Process:
- Through ‘Payment’ record:
Through ‘Deposit Application’:
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