Finance Charges

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Stephanie Dunn

• June 08, 2016 20:29

Hey there AccountingSeed Community,

I was urged to reach out to other users to find out how they are going about handling Finance Charges within AccountingSeed. Currently, there is no functionality built into the system and I was wondering if anyone has found an easy/manageable way around this?

My workaround for now is to include a field on the Billing object that is always using our finance charge calculation so that if an accounting team member DOES decide to assess a fee, they can see how much it would be. But there is no easy automation to this - they have to look at the Billing to see how much the charge would be if assessed, then create a new Billing with Billing Lines.

Appreciate your help!

Thanks!

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  Phillip Poskus

  • June 09, 2016 17:30

  Hi Stephanie,

  We've automated use cases like this one for our customers previously via process builder or apex. 

  You could set this up to automatically add a billing line for a finance charge based on a set of defined criteria or your team member could select to add the finance charge and have it automatically add. 

  Thanks!

  Phillip

  Squareblue Consulting

   

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  Stephanie Dunn

  • June 09, 2016 18:44

  Hi Phillip,

  Thank you for your comment and insight!

  My follow-up question would be: how do you combat the situation of not being able to add a Billing Line because the Billing has already been posted? (Say a partial payment was made to the invoice). Does your code essentially unpost > create Billing Line > re-post the Billing?

  Best wishes,

  Stephanie Dunn

  Vantage Retirement Plans

   

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  Phillip Poskus

  • June 15, 2016 21:45

  Hi Stephanie,

  No, it wouldn't necessarily solve that problem. We don't typically recommend customizations to our customers that Post/Unpost records as this adds the potential for errors from a process prospective as well as a technical prospective. The example you highlighted above would be a very complex situation as the Cash Receipt would have to be unassociated and re-associated as well. 

  You could use a similar process to the one I described above to create a completely separate Billing for the finance charge and have it relate back to the original Billing via a lookup. In this instance, you'd have a related list of "Finance Charge Billings" on the original Billing. 

  Thanks!

  Phillip Poskus

  Squareblue Consulting

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