Accounts Receivable Statements Statement Process Definitions
Statement Process Definitions (continued)
Select Customers (continued)
Recalculate and Show Late Fees
The calculation of Late Fees is optional. Late Fees will not affect your company’s accounts receivable; the amounts calculated by the statement generation process will print on customer statements and are displayed on the customer record after statements are produced. Late Fees are also displayed to the User when entering customer payments.
If your company wants to print a Late Fee on the statements, the rules are defined in this section. The values which default into the Late Fees are maintained in SedonaSetup / Late Fee Rules. If these default settings need to be changed, your company’s SedonaOffice system administrator may update the default settings.
Minimum Days Past Due, As of, Minimum Invoice Balance
The customer must have an invoice with a minimum balance due specified and is at least the minimum days past due as of the date selected to be considered for a Late Fee. If the customer invoice meets these rules, the Late Fee will be calculated using the annual interest rate entered.
Annual Interest Rate
This is the interest rate that will be used to calculate the Late Fee for invoices which meet the delinquency rules.
Minimum Charge
Your company has the option of assessing a minimum Late Fee for all customers that meet the delinquency rules. If a Minimum Late Fee Charge is entered, this value will be used to determine the amount of the Late Fee that will print on the customer statement. For Example, if a Minimum Charge of $5.00 is entered and the system calculates a Late Fee of $0.32, the customer will be assessed a $5.00 Late Fee.
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