Financing Control Settings

Use this routine to set your preferences for the Finance Receivables module. Use the Finance Receivables module to track moneys owed to your operation by third-party finance companies. STORIS can track credit card companies, as well as vendor or finance companies such as AVCO and HFC.

Receivables

If you check the box, the system displays the customer name in the Customer column of grids on manual adjustments, inquiries, and cash applications including the following routines:

If you leave the box blank, the system displays the customer code in the Customer column (except for on-account transactions, in which case the system displays ON ACCNT).

Enter the number of months to retain FR register information on the system. When using online financing, you must enter 12 or greater in this field. If you enter a number less than 12, a warning message displays and your entry is not accepted.

(LOCKED - STORIS access ONLY!) To allow multiple customers to be associated with one finance account number, check the box. Otherwise, leave the box blank.

Important! If you activate this field, it becomes possible for operators to enter invalid finance accounts number for your customers, thus creating a potential for fraud. By activating this field, you accept responsibility in the event fraud occurs as a result of this functionality. Contact STORIS for more information.

Use this field to specify the date you want to use when reinstating closed Finance Receivable items. You have the following options:

Original Date
System Date

If you select Original Date, FR transactions reinstate as of the original posting date, provided the date falls within an open sales month. If the original posting date falls within a closed sales month, a message appears with the option to reinstate the item using the current system date or to cancel the procedure.

Finance Payment Estimator Defaults

Use the following fields to choose default options and how they're displayed in the correlating Option 1, 2, 3 fields in the Finance Payment Estimator. The Finance Payment Estimator Defaults settings in Warehouse/Store Location Settings Financing Control Settings are checked before these settings (the settings that appear below also appear in Warehouse/Store Location Settings). To use the settings in this routine in the Finance Payment Estimator, the Option 1, 2, 3 fields in Warehouse/Store Location settings must be set to "None Selected."

Use these settings to define the default option displayed in the correlating Option 1, 2, 3 fields in the Finance Payment Estimator. When one or more defaults are set here, all three financing defaults are carried into the Finance Payment Estimator. If a non-valid plan (i.e. the plan has expired) is defined here, a warning message appears in the Finance Payment Estimator.

Use these settings to determine how the default option(s) set in the above Option 1, 2, 3 fields are displayed. If this setting is checked, the associated Option 1, 2, 3 field default option displays within a drop-down menu that contains all available finance plans. If this setting is not checked, the associated Option 1, 2, 3 field displays as a static, inactive field. These settings can be checked in any combination.

If the Maximum Deposit Percent defined in the Financing Payment Plan Settings is set to 100%, the system allows the total invoice amount, including all incidental charges, to be paid using a financed deposit.

Close Payment Dates - If you click on this option, the Multiple Selection Lookup Window appears containing a list of payment dates from any open pay periods. Click on the box next to the dates for which you want to prohibit payments. The system prevents all users from posting financing payments on the selected dates.

When blocking financing payments, the system checks the deposit date and if a user attempts to accept financing payments on a closed date, an error message appears. To continue, the user must enter an open date or manually open the closed date.

This field affects only financing payments. To close days for customer payments, use the Accounts Receivable Control Settings.

Transmission

Note that for these fields to affect the system, both the Finance Receivable module and On-Line Financing Approvals feature must be active in the General System Control Settings.

If the Finance Receivables Application Queue module is licensed and active (General System Control Settings) on your system, you can use this field to define the maximum number of providers that can approve an application when using the finance queue. You can enter a number greater than zero or you can leave the field blank. If you leave the field blank, the application (that has not been approved for the full requested amount) is submitted to a provider in all tiers of the queue if necessary. If you enter a number here, it is used to determine if additional providers are to receive a customer’s finance application. The queueing process works through the providers listed in the queue until one of the following occurs:

The full requested amount has been approved by one of the finance providers.
Approvals have been received from the number of providers defined in the Finance Queue Maximum Approvals setting on this screen.
Providers from each tier of the Finance Application Queue Tier Settings have received the finance application.

It may become necessary to request financing from multiple providers in order for the full requested amount to be approved. However, since each approval can have an impact on a customer’s credit score, it is recommended that you limit the number of approvals.

Financing Control Settings

(Finance Receivables Control Settings)

Receivables

Finance Payment Estimator Defaults

Transmission