Finance charges

ServMan offers an integrated solution for managing and generating finance charges past due invoices. You can set the default finance for new clients or manually set the finance charges for clients individual.

Set the default finance charge rate for new accounts

You can easily change the default finance charge rate set on new client accounts. Note that this change does not affect the rate on existing clients.

1. Select Utilities > Program Settings / Defaults.
2. Select the AR Settings tab.
3. Check "New accounts default to finance charges" option.
4. Enter the default finance charge percentage. The percentage should be equal annual rate / number of time you post per year. For example, if your rate is 18% per year and you post finance charges monthly then you should enter 1.5 (18%/12). If your rate is 18% and your post finance charges quarterly, then you would enter 4.5 (18%/4). You do not need to enter the % symbol.
5. Click OK.

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Change the finance charge rate for an existing client

1. Open the client account.
2. Select the Misc tab.
3. Update the Finance Charge field to the desired amount.
4. Click Save.

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Generate finance charges

1. Click Finance Charges on the Accounts Receivable navigator. You can also select Modules > A/R > Apply Finance Charges.
2. Enter the account number to apply for a specific account or leave blank to apply to all accounts.
3. Enter the post date for the finance charges.
4. Click OK.
5. This displays a list of the invoices where finance charges should be applied. You can remove any invoice that should not have finance charges applied by unchecking the individual invoice.
6. ServMan applies finance charges to the individual invoice by default. If you prefer to have the finance charges show as separate line on statement, then check the "Create separate statement line for each finance charge" option. If you accrue finance charges, you should not use this option.
7. Click Submit Finance Charges.
8. Click OK.

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