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All fleet account invoices are due within a certain number of days, and the Charge Interest feature allows you to charge interest on fleet account invoices that are overdue. In QuickTouch, there are two different methods of charging interest: the Balance Forward method and the Open Items method (paying by invoice). These methods along with the number of days to allow before charging interest is set in Fleet Account Maintenance.

Balance Forward

Open Items (Pay by Invoice)

For fleet accounts setup as Balance Forward, an invoice is payable within “X” number of days from the date the statement was printed, and billing cycle closed

.

(

Multiple

multiple invoices may be included on a statement).

)

Example of interest on invoices for fleet accounts setup as Balance Forward with 10 days to pay (from the

date of the

monthly statement date):

  • A fleet vehicle comes in

the

  • on January 1st.

  • The fleet vehicle receives work, and the invoice is worth $50.00.

  • The statements are printed at the end of the month, which in this case the statement is printed on January 30th.

  • The invoice from January 1st is due February 10th.

  • Another fleet vehicle comes in January 29th and receives some work, the invoice is still payable February 10th.

Statements are printed on January 30th and no

  • If payment is not received by February

20th; therefore, interest is incurred for every day the statement isn’t paid. (If the printing of the statements is delayed, then the due date would be delayed.)After pressing the Process button, (in this case it is processed on the 20th of February)

  • 10th, interest starts to incur.

  • You charge interest on February 20th and the statement balance isn’t paid, so this fleet customer will incur 10 days of interest on the statement balance.

For fleet accounts setup as Open Items, an invoice is payable within “X” number of days from the date the invoice (the date of service).

Example of interest

,

on invoices for fleet accounts setup as Open Items with 10 days to pay (from the date of the invoice)

.That makes the invoice

:

  • A fleet vehicle comes in January 5th.

  • The fleet vehicle receives some work, and the invoice is worth $50.00.

  • The date of the invoice is the date of the service.

    • You have given the customer net 10 days to pay the invoice. That makes payment due on January 15th. It does not matter if statements were printed or not.

    • Each day past January 15th gets interest charged until the invoice is paid.

  • Another fleet vehicle comes in January 29th and receives work. The invoice for this vehicle is due within 10 days.

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    ...

    Charge Interest Screen

    From the Main Menu,

    ...

    go to Fleet Account Management, then

    ...

    Charge Interest.

    Enter the Interest Date

    ...

    . This is typically the end of the month which the bills have been sent (Ex: February bills were sent on the 1st, so any payments not received by the 28th will be charged interest).

    ...

    Click the Process button to calculate the interest.

    IMPORTANT

    ...

    - THIS CANNOT BE UNDONE! After clicking the Process button, the interest charges will show as individual debits under each fleet account. The only way to undo the interest charge is to create a credit for that amount

    ...

    , then apply it to the interest charge.

    ...