Credit charges

When customers don't pay on time you may want to charge for credit.

Credit charges brings together a number of areas in your software. Each needs to be set up so that the charges are applied correctly.

Check a nominal account is assigned as a control account for credit charges.	From the Settings menu, choose Control Accounts. Tip: If you are using one of the Chart of Accounts supplied by Sage, nominal account 4400 is assigned to Credit Charges.
Set the charge rate to be applied.	From Settings > Configuration, click the Terms tab. Enter the details in the Customer Finance Rates section.
Set the customer record for credit charges.	From the Customers window, double-click the record you want to work with from the list, then click the Credit Control tab. In the Payment Due box, enter the number of days an account can be overdue before credit charges are applied. Tip: Typically a payment is regarded as late if it is thirty days overdue. If nil days is entered, your software applies the default of thirty days to each customer transaction. Select the Restrictions > Can charge credit check box.

Applying credit charges

Choose Customers, then click Credit Charges from the toolbar.

The Credit Charges wizard appears to guide you through applying credit charges to overdue transactions.

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