Exercise - Set up and assign a finance charge term
This exercise is written to use the Cronus sample company from the US version of Business Central. You might need to make adjustments to the steps if you use the sample company from your country or region.
Scenario
Other than the TOP 3 reminder term, you also want to set up and assign a finance charge term to the same customers. The finance charge term should be set up according to the following criteria:
Code: 10 TOP3, Description: Top 3 Late Payers
Interest is calculated on all customer entries by using the Average Daily Balance method
Use a 10 percent interest rate with an interest period of 180 days
Additional Fee of 20.00
Includes the following line description: (Interest rate) % finance charge of (Remaining amount on the customer ledger entry)
Calculated interest and additional fees are posted
Includes the following ending text: Please pay the total of (all amounts including interest and fees)
Tasks
Set up and assign the finance charge term.
Steps
Select the Search for Page icon in the top-right corner of the page, enter finance charge terms, and then select the related link.
Select New.
In the Code field, enter 10 TOP3.
In the Description field, enter TOP3 Late Payers.
In the Line Description field, enter %4% finance charge of %6.
In the Additional Fee field, enter 20.00.
In the Interest Rate field, enter 10.
In the Interest Calculation field, select the drop-down list and select All Entries.
In the Interest Calculation Method field, open the drop-down list and select Average Daily Balance.
In the Interest Period (Days) field, enter 180.
Select the Post Interest field.
Select the Post Additional Fee field.
Close the Finance Charge Term Card page.
Select the 10 TOP3 finance charge term.
Select Related > Ending Text.
In the first line, enter Please pay the total of %7.
Close the Finance Charge Text page.
Close the Finance Charge Terms page.
Select the lookup icon, enter customers, and then select the related link.
Select customer 10000 and open the customer card.
Expand the Payments FastTab.
Select Show more fields.
In the Finance Charge Terms Code field, enter TOP3.
Close the Customer Card page.
Repeat steps 14 to 24 for customers 40000 and 50000.
Close the Customers page.