Reminders &Fin. Charge Memo

What is the difference between the two? I have read the manual, and i can’t distinguish the difference between the two. can anyone shed some light on this… jordan

Okay I am sure others will add to this, but Reminders form staged levels of documentation, based on date settings, to tell, your customer that they have outstanding amounts and that you are chasing them for payment, a kind of credit control escalation function. Although you can make charges of additional fees and interest if required. However the documentation shows outstanding amounts. With the finance charges you get a calculation view of the documentation so the customer sees how much interest you have actually charged them (a;lthough you can choose not to post the amounts). Essentially I would say that the reminders are credit control and non-charge orientated (although you can charge customers) and you use them in an escalation format to receive payment. The finance charge memos I would use to actually charge the customer any interest and additional fees on outstanding balances (and defined interest rates and method of calculation). If you can generate and print the test report off for a reminder and a finance charge it may make the functionality clearer when you see the end result. There are many ways you could utilise both functions, on the other hand one may suffice for your business processes, I suggest you have a play around with them in your test company (if you have one). I hope this helps Steve

The preceding is correct. Reminders is a tool for the Collection Department (doesn’t change the amount due, just communicates). Finance Charges is a tool for the Billing Department (charges interest on past due amounts). Dave Studebaker das@libertyforever Liberty Grove Software A Navision Services Partner