QT Fleets: Charge Interest

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 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):

A fleet vehicle comes in the January 1^st.
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 30^th.
The invoice from January 1^st is due February 10^th.
Another fleet vehicle comes in January 29^th and receives some work, the invoice is still payable February 10^th.
Statements are printed on January 30^th and no payment is received by February 20^th; 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) and the statement balance isn’t paid, 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.
Example of interest, on invoices for fleet accounts setup as Open Items with 10 days to pay (from the date of the invoice).
A fleet vehicle comes in January 5^th.
The fleet vehicle receives some work, and the invoice is worth $50.00.
The date of the invoice is the date of the service.
That makes the invoice January 15^th. 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 29^th and receives work. The invoice for this vehicle is due within 10 days.

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Note: If Interest was charged when printing invoices, a pop-up window will let you know.

From the Main Menu, choose Fleet Account Management then choose Charge Interest.

Enter the Interest Date (typically end of month). Click Process to calculate the interest.

IMPORTANT: This cannot be undone. 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 and then apply it to the interest charge.