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Adding Finance Charge to House Accounts.
  • Little Mountain
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    Adding Finance Charge to House Accounts.

    by Little Mountain » Sun Jun 03, 2007 3:55 pm

    How do we add a finance charge to our house accounts? I've found nothing in the book, nothing from searching through the system. I hope it's not left off.

    Thanks
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    Re: Adding Finance Charge to House Accounts.

    by RetailEdge Moderator » Mon Jun 04, 2007 3:14 pm

    There is no way currently to batch add a finance charge to all house accounts. This is an existing customer suggestion and I have updated it.

    However in the interim, you might want to try do the following:

    1. Run a customer dating report for customers over 30 days.
    2. The customers that you want to apply a finance charge to, simply sell them a non-entered item called "Finance Charge" for the desired amount.

    As long as the number of customers is not too large this should allow you to apply finance charges to your customers.

    Little Mountain wrote:How do we add a finance charge to our house accounts? I've found nothing in the book, nothing from searching through the system. I hope it's not left off.

    Thanks
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    by Little Mountain » Tue Jun 05, 2007 10:51 am

    The main problem with that is that you have to sit down and manually enter & write down who you charge what, etc.

    When can we expect this update?
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    Finance Charges

    by RetailEdge Moderator » Tue Jun 05, 2007 11:34 am

    There is no guarantee on when a maintenance release comes out and what it will contain. This is based on the number of customers that request it and the number of more critical items that need to be included in the program.

    We also do custom programming for customers who have to have a feature right away. And although this is more expensive than just waiting till the feature comes out, you will get it when you need it and you are guaranteed to get what you want. But it is a business decision you need to make and justify based on how much money you think the feature will save you in your and your employees time.

    Just so that we have as much information about what you need, can you list how you would like the finance charge feature to work.

    Thanks


    Little Mountain wrote:The main problem with that is that you have to sit down and manually enter & write down who you charge what, etc.

    When can we expect this update?
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    by Little Mountain » Tue Jun 05, 2007 3:59 pm

    Well, I guess with us having house accounts it's important and a much needed feature for anyone having house accounts.

    I'll be looking forward to the update.
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    by Little Mountain » Thu Jun 14, 2007 9:10 am

    Just to add, I think it should be a required update, especially for those of us who have house accounts. I would really like to see this on some sort of an update soon.
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    Re: Adding Finance Charge to House Accounts.

    by Little Mountain » Fri Feb 01, 2008 12:15 pm

    Aside from not being able to manually control the accounts (add totals from before this system onto their total) we have problems with our monthly accounts.

    Case example:

    One customer came in and charged, didn't pay for a few months (we can't add charges for not paying either, need that asap) and then after the first of the year she came in and paid in full, and charged something for that day. Now her print out statement has ($123.55) for the over 90 days.

    Anytime we get credits onto a house account they always stay in ( ) which leads to questions and blah blah.


    I'll try to add more later, I'm in a rush right now


    I tried to post this as a new topic, but I kept getting a "this is invalid" and it wouldn't post
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    Re: Adding Finance Charge to House Accounts.

    by RetailEdge Moderator » Mon Feb 04, 2008 11:21 am

    You will have to give me a little more information about the transaction. However, it sounds like this is what happened.

    1. The customer had a previous balance (say 10.00)
    2. The customer overpaid their account by the amount of the past due plus the current amount they were purchasing. For instance the amount of the sale is going to be $90.00 and so they pay $100.

    Typically you should be taking payments for the correct amount of the house charge balance. In the case when a customer has more than one outstanding invoice, RetailEdge will try to apply the payment to the oldest invoice first. You can change this and apply the payments anyway you like. RetailEdge will also allow you to overpay an account. However, since there is no invoice to apply the overage to, RetailEdge will create a House Charge credit. House charge credits are not automatically applied to future sales though. Most of the time this is appropriate and RetailEdge will correctly show that the customer has a house charge credit.

    If you are taking in payments on accounts for amounts more than the balance and then want to apply this credit to some sale that occurs after the payment, you can either:

    1. Apply the house charge credit to invoices by checking the Use House Credits checkbox when taking a future payment. This will apply the credit to the invoices.

    2. If the customer is not making a payment and you want to get rid of this, just take a $0 payment for the customer and then apply the House Charge Credit to the appropriate invoice.

    Let me know if this is not what is happening or if there is some sequence of steps you are taking to get this to happen.

    Little Mountain wrote:Aside from not being able to manually control the accounts (add totals from before this system onto their total) we have problems with our monthly accounts.

    Case example:

    One customer came in and charged, didn't pay for a few months (we can't add charges for not paying either, need that asap) and then after the first of the year she came in and paid in full, and charged something for that day. Now her print out statement has ($123.55) for the over 90 days.

    Anytime we get credits onto a house account they always stay in ( ) which leads to questions and blah blah.


    I'll try to add more later, I'm in a rush right now


    I tried to post this as a new topic, but I kept getting a "this is invalid" and it wouldn't post
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    Re: Adding Finance Charge to House Accounts.

    by Little Mountain » Mon Feb 18, 2008 10:16 am

    Any idea on finance charges for unpaid accounts?
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    Re: Adding Finance Charge to House Accounts.

    by RetailEdge Moderator » Wed Feb 20, 2008 12:33 pm

    This is still on the list. I don't know if you are aware of our new pricing for RetailEdge. You should take a look at these postings.

    http://www.retailedge.com/phpBB/viewtop ... f=1&t=1647
    http://www.retailedge.com/phpBB/viewtop ... f=4&t=1650

    Most people seem very happy with our new update policy and you might want to consider this for your future plans.

    Little Mountain wrote:Any idea on finance charges for unpaid accounts?
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