Summary
With reminders, you can typically remind customers of overdue invoices and with finance charge memos, you can also charge interest to customers. However, by combining both functions, you can also charge interest to customers by using reminders.
When setting up finance charge terms, you can choose between different interest calculation settings, such as the interest calculation method and interest rate.
This module focused on how to set up finance charge terms and how to create and send finance charge memos to customers. Charging interest to customers is a normal part of the collections process of many companies.
It’s important to have a good understanding of how to set up interest calculations in Business Central. This tool provides the ability to charge interest to customers that are not paying their bills on a timely basis.