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Season’s greetings to you and yours! As we head into the holidays (December 24 – January 4), we want to take a moment to celebrate the incredible strength and collaboration within our community. Even during the break, you can continue to benefit from connecting with peers, searching related threads, posting your questions, and marking helpful replies as “Accepted” in the Support Community.
Please note our dedicated team will be on reduced coverage during this time, and regular responsiveness will resume on January 5. Wishing you a joyful and restful holiday season!
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How Are Finance Charges Calculated?
Hi Everyone,
First of all, let me say I'm not an accountant, I don't even play one on TV. But, we've been using NetSuite for two months now and my collections person approached me with a concern that finance charges weren't being calculated correctly. I checked the setup and all of the parameters were correct - an 18% APR, 60 grace period, asses from due date.
Take for example this Customer. They have an overdue balance of $1,000.50 and NetSuite calculates the finance charge to be $32.07. Try as I may, there was no way I could reconcile this charge with an 18% APR. So I called support and here is what they gave me. The actual formula for calculating Finance Charges is not in the documentation but they looked it up and gave it to me and here it is: