This guide explains how to add/run Finance Charges. For information on how to configure Finance Charges, please see
Read this to learn how to add finance charges to your statements in Molo!
First, a finance charge Item must be defined in Molo. Feel free to create this item then reach out to Molo Support [support@getmolo.com] so we can configure it to be your finance charge item. This must be done for the finance charge process to work!
- Finance charges can be added using the Statements screen, and EITHER the buttons Action for Selected or Action for All >> Add Finance Charges.
- You can then select a date for which finance charges should be added (e.g. Every contact who has a statement balance as of close of last month, 3 months ago, etc.), and Molo will create a standalone invoice for your finance charge item on each selected customer's account.
Tips and Tricks:
Many marinas name their Finance Charge Item something like: Finance Charge, Late Fees, 30 Day Late Fee, or something similar - whatever you want to call the line item that the customer will see.
- Once you click "OK" on the Add Finance Charges screen, it can sometimes take several minutes for the finance charges to be added, depending on how many contacts and outstanding invoices you have. Don't worry - Molo will email you when the process of adding finance charges is complete, and you can continue to use Molo normally while the charges are being added!
- If you don't receive this email, or don't know if you're configured to - reach out to Molo support to ask!
- Finance charges can be added as either a flat fee, or a percentage of the outstanding balance.
- If you use Add Finance Charges and a selected customer does not have an outstanding balance as of the date selected (e.g. they are in good standing), no finance charge will be added, regardless of if they are selected or not!
- Once the Finance Charges are added, you would be able to see who was charged and the invoices by running the Finance Charges Audit Report
- If Finance Charges are added to a customer, Molo will also add an Invoice Line note that will show what Invoices were reviewed to come up with the Finance Charge value. That can be see when printing/emailing the invoice or by running the Invoice Lines Report