Short Note on Finance charge Due :

A finance charge due is the amount of money that a borrower owes on a loan or credit account in addition to the principal amount borrowed. It is the cost of borrowing money, and it includes the interest charged on the outstanding balance as well as any fees or charges associated with the loan or credit account.

The finance charge due is typically calculated based on the outstanding balance, the interest rate, and any fees or charges that are applicable. It may be assessed on a monthly, quarterly, or annual basis, depending on the terms of the loan or credit agreement.

To create an interest finance charge in NetSuite, you can follow these steps:

1. Go to the “Transactions” menu in the top navigation bar, and select “Customers” from the drop-down menu.
2. Click on “Charges” and then “Interest Charges.”
3. In the “New Interest Charge” page, select the customer or customers for whom you want to create the interest finance charge.
4. Enter the interest rate, the date of the charge, and the amount of interest charged.
5. Select the appropriate accounts for the charge and click “Save.”
6. NetSuite will then create a new transaction for the interest finance charge.
7. If you want to bill the customer for the interest finance charge, you can create an invoice for it by going to the “Transactions” menu and selecting “Customers” and then “Invoice.”
8. In the “New Invoice” page, select the customer for whom you want to create the invoice and select the interest finance charge transaction.
9. Add any additional items or charges to the invoice as needed, and then click “Save.”
10. NetSuite will then create an invoice for the interest finance charge and any additional charges, which you can then send to the customer for payment.

Note that the steps may vary slightly depending on the version of NetSuite you are using and your specific setup. If you need further assistance, you may want to consult NetSuite’s help documentation or reach out to their customer support team.

How to close a finance charge record in Netsuite

To close a finance charge record in NetSuite, you can follow these steps:

1. Go to the “Transactions” menu in the top navigation bar and select “Customers” from the drop-down menu.
2. Click on “Charges” and then “Interest Charges.”
3. Find the finance charge record you want to close and click on it to open it.
4. In the finance charge record, click on the “Close” button in the top right corner of the page.
5. NetSuite will prompt you to confirm that you want to close the finance charge record. Click “OK” to confirm.
6. After you confirm, NetSuite will mark the finance charge record as closed and remove it from the list of open finance charges.

Note that once you close a finance charge record, you will not be able to make any changes to it. If you need to make changes after the record has been closed, you will need to create a new finance charge record.

Also, if you have already created an invoice for the finance charge, you may need to void or credit the invoice before you can close the finance charge record. This will depend on your specific setup and the details of the transaction. Regenerate response