Finance Charges

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Finance Charges:

LimoWiz can compute finance charges based on a percentage rate you assign in the Finance charges settings. See LimoWiz Settings and Preferences.

Finance charges (FCs) can be computed from Invoice Date or Invoice Print Date. FCs are calculated on amounts that are only 30 days overdue. If you have Assess Finance Charges on

Finance Charges option checked, then LimoWiz computes charges on overdue FCs that are still in the account file.

If the customer pays for these FCs, then you must record a payment accordingly.

You can set the grace period in the Settings, Finance Charges tab.

•	Annual Percentage Rate is usually 18. Minimum Finance Charge is usually 0.50

•	Grace Period Days field is added to the Print Date (Invoice Date) to reflect the Invoice Due Date.

•	If you set it zero or one day, the Due Date on the Multi-Trip Invoice will print 'Due on Receipt'

•	Even if you do not use the finance charges option, you should set the Grace Period Days.