The Instore Charge Finance form allows the user to add Finance Charges to the in-store charge customers’ accounts. This form is accessed from the Customer Icon in the Main Menu. Select Instore Charge Maintenance screen, then click on Finance Charge in the Toolbar.

The finance charge is normally calculated every month. The system will apply finance charges based on the due date of the charges, plus any grace period the user enters into the finance form. The due dates are calculated automatically according to the terms, which have been set for the customers, via the Set Instore Charge Attributes button in the toolbar.

Some important points to understand are:

  1. The user needs to initiate the finance charge every time.
  2. The user does not need to initiate the process for each set of terms (15 days, 30 days, etc). The system looks at the due dates of all outstanding invoices and from there the grace period (for example: 5 days) is added.  The grace period applies to all outstanding invoices.
  3. The finance charge is only applied to the charges that are due before the processing date. For example, a customer having Terms of 30 days makes an in-store charge on January 1, then another on January 15. On February 1 the user initiates the Finance Charge with no grace period. The finance charge will be added to the charge of January 1, but not to the charge of January 15.
  4. The grace period is an additional time to the “Period” set up in the “In-Store Charge Terms” form.  

To add finance charges:

  1. Select the Processing DateProcessing_Date on the left side of the form.
  2. Enter the PercentageFinance_Charge_Percentage, using a decimal point. For example, enter “100” to calculate the finance charge as 1%, and “1.4” to calculate the charge at 1.4%. If you do not enter a decimal point, Retail will enter one automatically.
  3. Enter the Grace PeriodGrace_Period. This is an additional period added to the due date.
  4. Enter a short MemoFinance_Memo. This field is optional.
  5. Press CalculateCalculate_Finance_Charge.  Retail will calculate the finance charges for the period selected, and the results will display in the grid at the bottom of the form.
  6. The total Finance ChargeFinance_Charge_3 will display in the finance charge field.  
  7. Press Save Save_Finance_Chargesto save your changes, or press ResetReset_Finance_Charge to discard the changes.

To Delete Finance Charges:

  1. The Last Finance ChargesLast_Finance_Charges appear for display on the right-hand side of the form.  The Proc Date, Percentage, Grace Period and Finance ChargeProcessing_Date_2PercentageGrace_Period_2Finance_Charge_4.  To delete the last finance charge, press the DeleteDelete_Finance_Charges button.
  2. Retail will prompt the user with a pop-up screen: Delete the Last Finance Charges of Date?
  3. Press Yes.
  4. The Last Finance Charge will be deleted, and the finance charges previous will now be displayed. (If payments have already been received for the finance charges, Retail will not allow the deletion.)
  5. To delete additional charges, repeat steps 1 through 3.