Penalty interest invoicing
Interest on overdue accounts receivable (AR) debts
can be charged on any invoice that is not settled by the due date. The calculation is the
number of days overdue by transaction, or days from original invoice date that an invoice has
is overdue. The interest charge creates an AR open item.
How Infor meets this requirement
After you have an agreement, structure this interest charge in SyteLine as a finance charge for the customer. You can set it up to include only the interest or also the late paid amount. You can manually set up administration charges.
On the Order Entry Parameters form, include text that describes how your company handles the Late Pay Penalty Rate. This text must be included on certain customer documents. You can provide translated versions of the text on the Multi-Lingual Order Invoice form.