OfficeMate Home Office User's Guide - OfficeMate Software Solutions

Creating & Printing Statements
Chapter 13 Creating & Printing Reports & Statements
Complete one or more of the following tasks:
Click Test Print to print or fax a test page.
Click Print to print or fax the report.
To calculate finance charges
Use the following example to learn how to calculate OfficeMate finance charges:
Parameters
Fee Slip Posting Date: 02/19/2005
(Monthly) Finance Charge: 7%
Grace Period: 30 days
Fee Slip Balance: $62.16
To calculate the finance charge on 12/19/2005:
Calculate the daily finance charge.
= (Percentage entered) * (# of Days Past Due - Grace Period - Days Excluded)
/ 30
= (7/100) * (303-30-0) / 30 = 0.637
Multiply the daily finance charge and the balance.
= 0.637 * 62.16
= 39.59592
Rounded to 39.60
To calculate the number of days past due:
If the finance charge was never calculated on the past due item, subtract the number
of days between the posting date of the balance and the current date.
If the finance charge was already calculated on the past due item, subtract the number
of days between the date the finance charge was last calculated and the current date.
522 OfficeMate Home Office User’s Guide