This article is about how to enable Finance Charges (interest on overdue invoices).
Step 1. With someone who has business manager and above (also group manager and above for multi-practice clinics) you will need to select the Settings tab (gear icon) select the Payments tab.
Step 2. Within payments at the very top you must enable finance charges like pictured below
Step 3. Fill in Finance Rate, Days past due, and if necessary minimum charge and minimum balance
A. Finance rate is the percentage rate you wish to charge in decimal format. (i.e 5% = .05)
B. Number of days past due:
1. For "per-invoice" finance charges, this number is the number of days past each invoice's invoice date before a finance charge is first assessed, as well as will be repeatedly assessed as each multiple of this number of days passes (i.e.: 30 days, 60 days, 90 days, etc.).
2. For non-Invoiced based finance charges, this number represents the number of days past the oldest unpaid invoice on the account, based on invoice date, before a finance charge is assessed. Likewise, it represents a recurring charge after multiples of that value.
*Note that due to the oldest invoice date changing, this option can result in more than one finance charge (or none at all) being assessed in a given time period, as the oldest invoice changes on the account.
C. Minimum finance charge is the smallest amount to charge (i.e $2.00)
D. Minimum finance balance means the smallest amount for an invoice to charge (i.e only invoices overdue of $100 or more)
1. For invoiced based both C and D will be charged on the unpaid amount per invoice
2. For non-invoiced based both C and D will be charged to the total unpaid amount on the entire account.
If you wish to enable finance charges per invoice below is the extra options available below
*note everything pictured is only an example and not what you should use
When selecting charge per invoice you will have 3 options First of the Month, Last of the Month, Specific Date
A. Last day of the will charge either on the 28th,30th or 31st for the entire months ending
B. Specific Date note if chose to be 31st Any Month that does not have 31 days will charge then on the 1st of the new month.