Can you apply a minimum balance finance charge on accounts at the end of a billing cycle?

(0) Share

Report

Posted on by Community Member Microsoft Employee

I want to be able to assess a finance charge other that the late fee charge.

Like if a customer has an account balance of say $2.00 can I charge a minimum balance fee to pay for invoicing and postage?

A paper invoice fee?

*This post is locked for comments

All responses (5)

Answers (0)

Community Member Microsoft Employee on at

Like (0)

Report

Re: Can you apply a minimum balance finance charge on accounts at the end of a billing cycle?

Steve,

Trent already supplied that solution in a previous post and my response followed.

This is not quite what I am looking for.

Please read previous posts.
Steve Curtis 60 on at

Like (0)

Report

Re: Can you apply a minimum balance finance charge on accounts at the end of a billing cycle?

Sam,

Go to Database -> Account Types -> Select the account type you wish to do this for and on the right hand side of the pop-up you can impose a Minimum Finance Charge.
Trent Bourgois on at

Like (0)

Report

Re: Can you apply a minimum balance finance charge on accounts at the end of a billing cycle?

Hello Sam,

You could create an "minimum finance charge" item and manually charge that to customer accounts at the end of every month.

As of now, there isn't a way to automate this process within RMS. There may be a 3rd party solution that provides this feature.

I could understand where this feature could be useful. You may want to submit this as a product suggestion.

At Microsoft Business Solutions, we believe in listening to you and responding to your needs with innovative and effective business software solutions. That’s why we continue to provide to you a product suggestions and feedback tool. Your feedback is delivered directly to the appropriate product development team which ensures that the people who work with our software day after day get the chance to help shape how future versions of our software will work.

To be as effective as we can, we recommend you search previously submitted feedback and suggestions and suggest you vote on suggestions which have already been submitted by someone else, remember the more votes the more likely an item will make it into the products in the shortest timeframe. If your suggestion has not been already entered by someone else, you are able to enter a new one.

You can access the RMS Product Suggestion Newsgroup by clicking the following Web site:

https://connect.microsoft.com/dynamicssuggestions

The Microsoft Community is a public forum where you can submit suggestions for Microsoft products and see suggestions that others have made. Community participants vote for suggestions, and Microsoft uses the votes to help prioritize features in upcoming versions. Each month, Microsoft will respond to the suggestions with the most votes.

Let us know if you have any other questions.
Community Member Microsoft Employee on at

Like (0)

Report

Re: Can you apply a minimum balance finance charge on accounts at the end of a billing cycle?

Trent,

We currently use the answer you provided to give a minimum finance charge on outstanding balances but my question was, can you charge someone if their current balance is under a certain dollar amount at closing.

The goal is to stop people from charging less then $5.00 through out the month and having to send out a stamped statement and null your profit from that customer.

Thanks for the reply
Trent Bourgois on at

Like (0)

Report
Re: Can you apply a minimum balance finance charge on accounts at the end of a billing cycle?

Hello Sam,

Thank you for your questions.

It is possible to set a Minimum Finance Charge.

Minimum finance charge: The minimum dollar amount a customer must pay if there is an outstanding account balance. Store Operations will compare this amount with the computed finance charge for the current billing cycle and apply the higher amount as the finance charge to be paid by the customer.

Log into Store Operations Manager

Click on Database | Account Types

Select your account type (or click on New to create one)

Click Properties

Check Apply charges on finance charges

Enter an amount for Minimum Finance Charge:

Let us know if you have any other questions.