Working with Statements

The Edge can automatically calculate and assess finance charges and minimum payments and include them on the printed statement. In addition, with each closed period, the statement balances are aged to provide collection reporting for 30, 60, 90 days, and beyond. Only Store Charge, aka House Account, balances are processed for interest and aging. The Edge allows you to generate statements that include interest. First you should close the billing period, then generate the statements to be mailed. These processes are described below. For a video tutorial about Statements and Aging, go to http://www.screencast.com/t/EgGYdCTuIyE7.

Statements and aging must be managed from the headquarters store (usually store #1 or 0).

Values for interest rates, minimum payments, and due dates must be set in System Options. If the Statements System Options are not set up, statements will not generate as expected. Customer records may override these settings.

Consumer credit is governed by federal regulation “Title 12: Banks and Banking, PART 1026—TRUTH IN LENDING (REGULATION Z)” which applies to retailers who meet both of these criteria:

• The offering or extension of credit is done regularly; and

• The credit is subject to a finance charge or is payable by a written agreement in more than four installments.

If you meet both of these criteria, then you must comply with several specific requirements that The Edge does not yet satisfy. We are working on those additional requirements; for now, we cannot support this for retailers who meet both of these criteria.