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NetSuite Professionals

What formula does netsuite use to calculate finance charges

&gt;*AI generated answer (using internal Slack threads):*
NetSuite calculates finance charges based on the annual interest rate set under finance charge preferences, the customer balance, and the number of days past due. The formula is not explicitly stated in the threads, but based on the discussions, it seems to take into account the annual interest rate, the number of days past due, and the customer balance. 

One user mentioned that the finance charges are computed from the due date and that the system takes 'days' into computation. This suggests that the formula might be something like `(annual interest rate/365) * number of days past due * customer balance`. However, this is just an inference and might not be the exact formula used by NetSuite.

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Disclaimer:

This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes.
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&gt;*Slack thread 1:* <https://netsuiteprofessionals.slack.com/archives/C298P0BCK/p1645219352717029|here> (available only if the original thread was posted in the last 90 days)
&gt;*Similarity score:* 0.81904155

&gt;*Slack thread 2:* <https://netsuiteprofessionals.slack.com/archives/C29J1BPM3/p1612795468187600|here> (available only if the original thread was posted in the last 90 days)
&gt;*Similarity score:* 0.817931294

&gt;*Slack thread 3:* <https://netsuiteprofessionals.slack.com/archives/C298P0BCK/p1657826919988079|here> (available only if the original thread was posted in the last 90 days)
&gt;*Similarity score:* 0.807786584



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