I have charged my Customer a Finance Charge and they have paid the overdue balance and not the Interest, how do I credit this?
To credit the Finance Charge, the best option is the Customer Adjustment, this is because the Finance Charge has been added by Journal, not an Invoice. The reversal by the adjustment will also allow you to change the GST code if necessary.
In the Details line, record the reason for the Reversal.
Ensure the G/L ID is the same as the original Charge. Check this by Viewing the Audit of the original Finance Charge.
The Amount should be a negative figure for the total amount to be credited.
Change the GST code to be X not I.