I am using GP 2013. Working with a new company. This company assesses finance charges on the 1st day of the month. The other company I work with assesses finance charges on the last day of the month. I mistakenly used the last day of the month and now it appears the finance charges calculated incorrectly. Can someone explain how the finance charges are assessed and if the day of the month matters?
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Thank you. My next question would be, if you run interest on the 31st day in June (for example), then use August 1 as the date for the next run, will it impact the interest calculations when you are compounding interest?
Hi,
It isn't a very sophisticated calculation. From what I can see, it takes the finance charge amount and multiplies it against the past due balance. I do not see it varying the amount of the finance charge by the day of the month. In fact, you can run it over and over again in the same month if you want. It will throw up a dialog box, but it will not prevent you from going forward.
Kind regards,
Leslie
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