Automatically apply late fees to overdue invoices by setting up finance charges in MediaOS.
What Are Finance Charges? #
Finance charges are fees applied to past due invoices to incentivize timely payments and recover the cost of late collections. In MediaOS, you can configure a grace period and set a specific annual interest rate that determines how charges are calculated. These charges are applied as additional line items directly on the invoice.
Configuring Finance Charges #
To set up your finance charge settings, start by clicking your profile avatar in the bottom-left corner of the screen. From the dropdown menu, select System Settings, then navigate to General Settings.
Scroll down to the Accounting section, or use the search bar at the top of the page to look for Grace Period. Choose the number of days you'd like to grant clients before interest begins accruing on a past due invoice.
Next, set your Annual Interest Rate under the Invoicing section of General Settings. This percentage determines the amount that will be added to each eligible invoice as a finance charge.
Tip: Grace periods help preserve client relationships by giving them a brief buffer before interest fees are applied.
Assessing a Finance Charge #
Once your settings are in place, you can begin assessing finance charges manually. Navigate to Accounting from the left-hand menu, then select the invoices you want to include by checking the appropriate boxes.
Click the Batch Action dropdown and choose Assess Finance Charge. You will be prompted with a confirmation message—click Are you sure? to finalize the action. A finance charge will then be applied to each selected invoice as a new line item, dated according to the assessment.
Viewing and Removing a Finance Charge #
To review a finance charge, return to the Accounting page and click View next to the affected invoice. You'll see a line item labeled Finance Charge, along with the date it was assessed.
If you need to remove the charge, click Edit on the invoice, locate the finance charge line item, and delete it from the list. Once you save the invoice, the charge will be fully removed.
Note: Only invoices in an editable (unpaid) status can have finance charges modified or removed.
