Each month we generate finance charges for customers with past-due accounts. Some customers are NET 30, some are NET 45, and others are NET 60. But, the finance charges are based on the company settings (set to NET 30), not the individual customer settings. So, sometimes finance charges are issued to NET 45 or NET 60 customers that are still within terms. This happens when the NET 45 or NET 60 customers invoices are older than 30 days, but still less than the 45 or 60 day terms. Or, when a NET 45 or NET 60 customer has some invoices that are past-due, but others that are not past-due, but older than 30 days. It is extremely time consuming and inefficient for our accounting team to sort this out for all our customers each month.

by: Taylor V. | over a year ago | Other