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Finance charges paid to suppliers

Not available in AccountRight Basics

Finance charges are amounts added to an outstanding balance as a penalty for late payment. If your supplier has added a finance charge to your account, you can record the charge in the Pay Bills window.

Setting up finance charges

Before you can record finance charges, you need to select an account for tracking late payment charges. Go to the Setup menu, choose Linked Accounts, and then Purchases Accounts. Select the I pay charges for late payment option and select an expense account to record the late payment charges.