Rice Lake TransAct 1.0 - Manual (Page 101)

97 Accounting
Any payment made during the billing period will be applied to the
previous balance. The finance change is applied to the remaining
previous balance not covered by payments.
Example: D&D Disposal Co. has a previous balance of
$1,000.00. During the current billing period they made a pay-
ment for $800.00. If a 1.5% monthly finance charge has been
setup, TransAct calculates the finance charge to be added as
follows:
1. $1,000 - $800 = $200
2. $200 x 0.015 = $3
The current balance is calculated by adding the unpaid
previous balance, finance charge, and new charges. We will
use $300 of new charges during the billing period to finish the
example.
3. $200 + $3 + 300 = $503.
Monthly finance charges are setup in the Discounts and the Miscella-
neous Rates tables. The Discounts table applies special rates (including
finance charges) to individual customer accounts. The Miscellaneous
Rates table applies rates to all customer accounts in the system. These
tables are explained in detail later in this chapter.
To view the statements before printing, select Window as the Invoice
Destination.
To print the statements directly to the printer, without viewing the
statements first, select Printer as the Invoice Destination.