Service Charge Code - Enter a unique identifier for the service charge you wish to setup. This will accept 2 numeric characters only.
Calculation Type - Select from the predefined list. The options are Percent and Flat Amount.
- Percent - If this is selected, the field opposite Service Charge APR will show Daily % Rate.
- Flat Amount - If this is selected, the field opposite Service Charge APR will show Amount.
Description - Enter a brief description of the service charge code. For example, you may enter '10% Annual Rate'
Service Charge APR - Enter the annual percentage rate (as a percentage e.g. 10%) that will be applied to service charges when calculated.
Daily % Rate - This field is displayed when Calculation Type is set to Percent. Field is disabled and value is system computed based on this formula.
Daily % Rate = Service Charge APR / 365
Amount - This field is displayed when Calculation Type is set to Flat Amount. Enter the amount to be applied to the invoice during service charge calculation.
Minimum Charge - If applicable, enter the minimum dollar amount of Service Charge to be assessed. If the calculated service charge is less than the amount entered in this field, the customer will be assessed the amount entered in this field.
Grace Period (Days) - Enter the number of days allowed before a service charge will be applied to a past due invoice.
Allow Catch-up Charges - This would apply retro charges if a service charge was entered and there were historic invoices with past due months.
