The Billing Period is used to calculate Finance Charges for all Customers. It also determines which Invoices are included on the Statements. Invoices dated after the closing date are NOT included on Statements.
Previous Month - Sets the Open and Close dates to the previous month's dates.
Open Date - The beginning of the Billing Period.
Close Date - The end of the Billing Period.
Next Month - Sets the Open and Close dates to the next month's dates.
- Enter the Open and Close Dates.
- Select the [Ok] or press [F10] to store the new Billing Period.
- The Calculate Finance Charge for All Customers screen is displayed.
- Select [Yes] to proceed with calculation or [No] to skip the calculation.
Note: When running Statements and the Billing Period is changed, the Due Date is automatically changed as well. The time relationship between the Closing Date and the Due date is preserved. If the Closing Date and the Due Date was the last day of the month it is then set to the last day of the new month the next time Statements are run and the Billing Period is advanced.
To run this calculation later, run the Billing Period function again or select the Calculate function from the Finance Menu to calculate for individual Customers.
Finance Charges for a Billing Period do not ordinarily need to be re-calculated again. To recalculate ALL FINANCE CHARGES for ALL CUSTOMERS, change the Start Date of the Billing Period to an older date. A Warning screen is displayed: WARNING! New Open Date is before previous date. This will cause all previous Finance Charges to be dropped. Proceed with new dates? Answer Yes to re-calculate the Finance Charges.
Example of re-calculating finance charges for ALL CUSTOMERS:
- Under the Finance Menu, select Billing Period and enter an older date (i.e. 01/01/2018 through 01/31/2018).
- Answer Yes to drop all previous Finance Charges.
- Answer Yes to re-calculate previous Finance Charges.
- Return to the Finance Menu and repeat the steps above with a different date range (i.e. 02/01/2018 through 02/29/2018).
See:
Accounts Receivable Contents