This setup screen is where you can enable or disable the use of finance charges (interest on customer accounts) and configure the various settings.


 

Figure 3-7


Days To Resolve A Layaway, Days To Resolve An IIP/WIP
Enter the appropriate number days defining each situation. Normally IIP/WIP, being works in progress, are resolved in a very few days. Setting this date will bring to the attention of management an item that is overdue for processing.


Minimum Deposit (Percent As Decimal) – For Layaways Only
This setting defines the percentage of the total that must be deposited at a minimum for Layaways. The figure is entered as a decimal, for example: 0.100 would mean a 10% minimum deposit.


Charge Finance Charges
Check this option if you will be charging finance charges. If not, leave it unchecked and don't worry about the next 3 settings.

If you will be using the Finance Charge feature in MicroBiz, make sure that you enable this option on one workstation only! Select the workstation that will be used for running Customer Statements, and make sure that the Charge Finance Charges option is not enabled on any other PC.

  • If more than one workstation have this enabled, they might interfere with each other when calculating the Finance Charges.


Days Grace Period
Enter the number of days before MicroBiz will start calculating Finance Charges.


Day Of Month To Post
Enter the day of the month (date) in which you wish your customers to post payments.


Monthly Finance Charge
Enter your Finance Charge rate here as a decimal representing a percentage. For example: 0.050 would be 5%.


Print Balance Info On Statements
Unchecking this option will suppress printing the previous balance, new balance, etc. on customer statements.


Compound Interest
The system will charge interest upon interest. Check your state laws to see if this is permissible.


Print Invoices With Zero Balances On Statements
The feature provides you with the option of including invoices that have already been paid off when printing customer statements.