A/R 505 Applying Late Fees and Charges

Access Sales Section:

Open Odoo

Navigate to the sales section.

Select Customer:

Scroll down to locate the list of customers.

Choose a predetermined customer who needs finance charges applied.

Go to the customer Card.

Initiate Finance Charge Application:

At the top of the customer card, locate the "Actions" button.

Click on the "Charge Finance Charges" option.

Create Invoice:

After clicking on "Charge Finance Charges”

Click on "Create Invoices" to populate the invoice with finance charges.

Review Invoice:

Navigate to the "More" section and click on "All Invoices."

Find the recently created invoice with the finance charges applied.

Verify the accuracy of the charges displayed on the invoice.

Adjust Invoice Status:

If the invoice is in draft status, proceed to make it ready for payment.

Click on "Transfer and Pay" to finalize the invoice.

Finalize Process:

Once the invoice is transferred and marked for payment, it becomes live.

Any future statements sent to the customer will include the finance charge amount.

Monitor for Automation (Optional):

Be aware that there are ongoing efforts to automate the finance charge application process.

Regularly verify that the correct finance charge amounts are being deducted or recognized automatically.

Manual Application Protocol:

In situations where finance charges need manual application, follow the outlined process as described above.