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        <a class="WebWorks_Breadcrumb_Link" href="purchases.8.1.htm#1108139">Purchases</a> &gt; Adding finance charges paid to suppliers</div>
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      <blockquote>
        <div class="hs_SectionHeading"><a name="1108139">Adding finance charges paid to suppliers</a></div>
        <div class="b_Body"><a name="1108175">Finance charges are amounts added to an outstanding balance as </a>a penalty for late payment. If your supplier has added a finance charge to your account, you can record the charge in the <span class="w_Widgets">Pay </span><span class="w_Widgets">Bills </span>window.</div>
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          <span class="N_007eProcBullet"></span><a name="1108183">Setting up and recording finance charges</a><script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1108183", false);</script></div>
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        <div class="b_Body"><a name="1108186">Before you can record finance charges, you need to select an </a>account for tracking late payment charges. Go to the <span class="w_Widgets">Setup</span> menu, choose <span class="w_Widgets">Linked Accounts,</span> and then <span class="w_Widgets">Purchases Accounts</span>. Select the <span class="w_Widgets">I pay charges for late payment</span> option and select an expense account to record the late payment charges.</div>
        <div class="b_Body"><a name="1088721">When you pay the finance charge, type the amount in the </a><span class="w_Widgets">Finance Charge</span> field of the<span class="w_Widgets"> Pay Bills </span>window.</div>
        <div class="b_Body"><a name="1088722">Although your MYOB software does not track the history of </a>finance charges, you can perform an account inquiry (using <span class="w_Widgets">Find </span><span class="w_Widgets">Transactions</span>) on the finance charge linked account to view the amounts paid. </div>
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          <span class="N_007eProcBullet"></span><a name="1088723">Deleting finance charges</a><script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1088723", false);</script></div>
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        <div class="b_Body"><a name="1088724">If you enter a finance charge in the </a><span class="w_Widgets">Pay Bills</span> window, two transactions are recorded:</div>
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                  <span style="color: Gray;">■</span>
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                <div class="bb_Bulleted_inner"><a name="1088725">the full supplier payment, including the finance charge, is </a>recorded in the disbursements journal, and</div>
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                <div class="bb_Bulleted_inner"><a name="1088726">the finance charge is recorded in the purchases journal.</a></div>
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        <div class="b_Body"><a name="1088727">Therefore, if you want to delete a finance charge payment, you </a>must delete both transactions. If only one entry is deleted, the <span class="w_Widgets">Payables Reconciliation Summary </span>report may show an out-of-balance amount equal to the finance charge. When you delete one of the entries, you will be reminded to delete the other entry for the finance charge. Note that the warning will appear even though you may have already deleted the corresponding payment.</div>
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        <div class="href_ReferenceBlockHeading"><a name="1165766">Related Topics</a></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="purchases.8.17.htm#1117031" name="1165770">Paying bills</a></span></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="sales.7.19.htm#1088668" name="1165774">Finance charges paid by customers</a></span></div>
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        <div class="b_Body" style="font-size: 8.5pt; margin-top: 3.0pt;"><a name="1072992">&nbsp;</a></div>
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