Finance Charge - Late Payment Fee Incorrectly Generated
Hi
Looking for an explanation as to why a Lay Payment fee (Finance Charge) of $30 was generated for a Late Payment, when it should not have.
My Customer made a short payment on the previous month as there was an oversight that cost had increased.
I dont not charge the customer for Late Payments, however MYOB authmatically generated the Finance Charge on receiving payment for this month and the overdue payment of the previous month.
The Customer card is set up to charge 0% on late payments, so the Fee / Finance Charge should amount to nothing, $0.00
I have attached a screen capture of the Finance Charge Generated and the Customer Card File, showing 0.0% Late fee
As this is a rare occurence of late payment, it is unlikely that the problem will re-occur anytime soon
Looking for an explanation. Is there perhaps a bug in the product?
I had to reverse the Late Fee, to ensure the books were back in order and that the Customer was not charged.
Hi nooch1960 ,
Thanks for your post.
Based on the information and screenshot provided, the possibility of this occurrence would be via the receive payment screen.
Eg; If the customer payment received was more than invoiced amount ,it could have ended up in finance charge. please refer to the screenshot
The help article Finance charges paid by customers - MYOB AccountRight - MYOB Help Centre will step you through deleting/reversing the finance charge
Hope this helps and do let us know if you need any further details
Thanks
Priya Selvaraj.
