Writing Off Interest
There are only 3 acceptable methods to write off interest charges.
This procedure covers these options for writing off interest charges.
Method 1: Writing off Interest Charges
Search Bar: ARET
Menu: Customer > Entry > Customer Transaction
Bookmark: ARET – AR Transaction Entry
A journal box will appear, click <OK>.
Enter the customer's Account number.
Type Drop Down Menu: Reversal
Another Type section is reveled.
Select <Service Charge> from the Drop down menu
Click <Next>
From the Reversal Invoice, click on the <magnifying glass>
Click <Search> to view all open Service Charge Invoices
Click on the appropriate Service Charge Invoice to Select
Reference may be entered as necessary.
Click <Next>
Method 2: Whole Write Off During the Cash Application Process
Search Bar: ARECE
Menu: Customer > Entry > Cash Receipt
Bookmark: ARECE – Customer Cash Receipts Entry
An Open Journal Popup Box appears. Click <OK>
Type: Payment
Check number: #####
Amount(if not applying money received as unapplied cash)
Payment date, Click <Next>
Confirmation, Click <OK>
Click <Next Again>
Apply To:
Type: Customer
Customer #: Enter appropriate account
Click: <NEXT>
Click the box in the row to Write Off. Service Charges always have the Suffix -99
Check <Paid In Full>
In the Apply Amount column, change the amount to <ZERO> and Press <Enter>
A write-off window appears
The next steps will:
- Add: Write off to account 0-00-2236
- Delete: Write off account 0-00-4310
To Add:
Click in the Account field: Enter 0-00-2236
Click the Amount Field: Enter the amount referenced on the current Write-off. Example below is $355.46
Click <Add>
To Delete:
Click the record referencing Account 0-00-4310
Click <Delete>
Proof is ZERO, click <OK>
Click <Finish>
Ready to Update? <YES>
Method 3: Partial Write Off During the Cash Application Process
Search Bar: ARECE
Menu: Customer > Entry > Cash Receipt
Bookmark: ARECE – Customer Cash Receipts Entry
An Open Journal Popup Box appears. Click <OK>
Type: Payment
Check number: #####
Amount(if not applying money received as unapplied cash)
Payment date, Click <Next>
Click <Next Again>
Apply To:
Type: Customer
Customer #: Enter appropriate account
Click: <NEXT>
From the Invoices Screen select Service Charge Invoice (click the appropriate box) that the partial payment will be applied to and the balance written off. Service Charges always have the Suffix -99
Click <Paid in Full> Check Box and enter the Apply Amount to be applied
Apply Amount column, change the amount to the amount that is being applied to that invoice
Press <Enter>
A write-off window appears
The next steps will:
- Add: Write off to account 0-00-2236
- Delete: Write off account 0-00-4310
Add:
Click in the Account field and enter 0-00-2236 and the amount listed below click <+ADD>.
Delete:
Click the check box of the record associated with G/L # 0-00-4310
Click <Delete>
When application is complete and proof is ZERO, click <OK>.
Click <Finish>
