While house account management is not new to The Edge, we added some functionality that supports aging of accounts starting with Edge version 6.1.  

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.  Values can be set in System Options.  

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 in later articles in this series.

If this is the first time you have used The Edge for statements since upgrading to v. 6.1 or higher, see the section entitled Using Statements the First Time Using Versions 6.1 and Higher before beginning ANY statement work.

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

Federal Regulation

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 cannot support this for retailers who meet both of these criteria.