Interest Notes
This chapter describes the overview and maintenance of interest processes in Infor LN
10.7 for Poland localization.
Overview
In business practice, penalty interest for a late payment of the sum due is calculated based on the penalty interest tables that are published periodically and announced in the ordinances of the Cabinet “relating to the determination of statutory interest levels.” They are used to calculate the interest amount on interest notes, reminders, or for simulation purposes, allowing to estimate the amount of expired due sums and commitments increased by potential penalty interest.
For that reason, standard software has been supplemented with the option of interest charging
that takes statutory interest rates into account. You can perform these processes:
- define penalty interest tables
- calculate interest amount in reminders based on a penalty interest table
- calculate interest invoice amount based on a penalty interest table