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Do finance charges calculate differently depending on what day of the month they are calculated? i.e. 1st of the month or last day of the month?

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I am using GP 2013.  Working with a new company.  This company assesses finance charges on the 1st day of the month.  The other company I work with assesses finance charges on the last day of the month.  I mistakenly used the last day of the month and now it appears the finance charges calculated incorrectly.  Can someone explain how the finance charges are assessed and if the day of the month matters?


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