Finance Charge Credits

 

There are several methods for reversing finance charges. The methods available depend on whether the statement has been updated or not.

Finance Charge on Updated Statements

If the finance charge has been updated, it is part of accounts receivable. Use one of the following methods to reverse the finance charge.

• Undo the updated statement. Make the appropriate adjustment to change how finance charge is accrued. Rerun the final statement and update it. For example, you may need to change the finance charge settings for the client, or you may need to use a different statement date.
• Use the Write Off Client program to write off the finance charge. You can write off the entire finance charge amount or portions of the finance charge on each statement. Finance charge write offs are tracked as a separate line item on reports.

Finance Charge on Statement that Has Not Been Updated

If the finance charge has appeared on a final statement that has not yet been updated, use one of the following methods to reverse the finance charge.

• Make the appropriate adjustments to change how finance charge is accrued and rerun the final statement.
• Use the Unbill Final Statements program to unbill the final statement.

See also:	Credit Transactions
	Credit Transactions Technical Notes
	Knowledge Base Article R11760 - Best Practices When Applying Credits