Finance Charges for Epicor BisTrack
Each month’s finance charges worked out from BisTrack’s open items under your policy before the statement run, the ones your rules waive flagged with the reason, and the approved list handed back to BisTrack by your team.
Collections & ARUpdated Nov 202620 ERPs
See it work on BisTrack.
Click through the steps. Fictional data, in BisTrack’s terms; the real thing runs on BisTrack.
| Customer | Past due | Beyond terms | Charge | Rule | Status |
|---|---|---|---|---|---|
| Northline Drywall | $31,240.15 | 38 days | $468.60 | 1.5% a month | Bill |
| Westfield Masonry | $12,980.00 | 28 days | $194.70 | 1.5% a month | Bill |
| Harbor Point Builders | $9,600.00 | 34 days | $144.00 | Retainage, held by contract | Waive |
| Oak Hill Builders | $2,480.00 | 27 days | $37.20 | Invoice 38955 in dispute | Waive |
| Bayview Decks | $3,120.00 | 3 days | $0.00 | Inside 10 grace days | No charge |
Each charge figured under your policy, the ones to waive flagged with the reason.
The problem, as it happens in BisTrack.
Finance charges go on at month end, on whatever is past due, and the calls start when the statements land. The framer who paid two days late is charged on the whole invoice, the disputed invoice is charged with the rest, and the job on retainage is charged for money the general contractor is holding by contract. Someone reverses each one by hand, after the customer has seen it.
Nobody tracks the waivers. Many of the charges billed are never paid and never chased, so they sit on the Customer Aged Balances report and make the past-due look worse than it is. Good customers get them reversed by asking, slow ones learn to ask too, and whether the policy is applied, and to whom, depends on who answered the phone.
How it works.
- 1
Charges worked out under your policy
Before the statement run, each account’s charge is figured from BisTrack’s open items on its own terms: the rate, the minimum, the grace days and the accounts you exempt, all in a spec your admins edit.
- 2
The ones to waive are flagged
A disputed invoice, retainage held by contract, a payment that crossed in the mail, an account on a payment plan: each charge your rules would waive is flagged with the reason, so it is never billed and then reversed.
- 3
A person approves the list
Your credit manager reads the list, keeps or waives each flagged charge with a note, and approves it. Waiver requests from sales land on the same list. Your team keys the approved charges in BisTrack, or imports them where BisTrack takes a file.
- 4
Waivers and unpaid charges on the record
Every waiver is logged with who, why and how much. Unpaid charges are kept apart from what the customer owes for materials, so collections notes and dunning letters ask for the invoices unless your policy says to include them.
How it connects to BisTrack.
Before your month-end run, Lunica reads BisTrack’s open items, payments and the customer record through a read-only login to the BisTrack SQL Server database and its reporting views: the terms per account, which invoices are past due and by how many days, and payments posted since the last statement. Disputes, promises and payment plans come from the Lunica desks that keep them; the rate, minimum, grace days and exemptions come from your policy.
Nothing is posted to BisTrack by Lunica. Your team keys the approved charges, or the waivers to apply, in BisTrack from the list, or imports them where BisTrack takes a file, and your month-end runs as it does today. Every waiver is logged with a name and a reason. A note to a customer explaining a charge is a draft until a person sends it.
What a week looks like.
- Finance charges that follow your policy, checked before the statements go out.
- No charges on disputed invoices, retainage or payments in the mail.
- Every waiver with a name, a reason and an amount against it.
- Unpaid charges kept apart from what customers owe for materials.
Questions about finance charges on BisTrack.
Does Lunica post finance charges to BisTrack?
No. It works out the list under your policy and flags the charges to waive. Your team keys the approved list in BisTrack, or imports it where BisTrack takes a file, and your month-end runs as it does today.
What can our policy set?
The rate, the minimum charge, the grace days, the accounts and kinds of invoice you exempt, and who can approve a waiver. It is a spec your admins edit in plain English, with history and revert.
Does it check state limits on finance charges?
Your policy can carry a limit per state, and any charge above it is flagged. The limits are yours to set with your accountant or attorney; Lunica applies the ones you approved.
Can sales ask for a waiver?
Yes, from the account, with a reason. The request lands on the credit manager’s list beside the charge and the customer’s history, and the decision is recorded.
Do dunning letters include finance charges?
Only if your policy says so. A letter can ask for the invoices alone and list unpaid charges apart, or include them; it’s a rule your admins set.
Can a customer see how a charge was worked out?
Yes. When a customer asks, a short note is drafted with the invoices, the days past due and the rate behind the charge, for a person to send.
Does it need a server?
Lunica runs on one Windows server inside your network, beside BisTrack’s SQL Server, set up and maintained by Lunica. It reads Epicor BisTrack through a read-only login to the BisTrack SQL Server database and its reporting views. There is no inbound connection from outside your network.
What does Lunica read in BisTrack?
The customer record, open items and terms, purchase orders and receipts, the product record, quotes and order history, as each workflow needs them. Read-only, and only the rows a task is about.
Can it post to BisTrack?
Nothing lands in BisTrack without a person. What belongs in BisTrack goes back as a BisTrack import where one exists, or keyed by your team from what Lunica prepared.
What about our documents?
Invoice copies and scans keep living in BisTrack Document Management. Lunica reads them when a workflow needs one and never writes to them.
The same workflow, on another ERP.
Finance Charges is written for every system on the list. You’re reading the BisTrack version.
See it on your BisTrack data.
Thirty minutes. We walk the workflow on BisTrack data, then map it to yours.