Interest Rate Code (tfacr5603m000)
Use this session to view, maintain and create Interest Rate Code to calculate penalty Interest on the late payment of sum due.
The following sessions are available as satellite sessions.
- Interest Rates by Dates (tfacr5105m000)
- Interest Rates by Days Overdue (tfacr5104m000)
Note: Only one session is enabled based on the value in the Calculation Method field is set to.
Field Information
- Interest Rate Code
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The code for the penalty interest. Penalty interest is calculated for interest amount that is overdue.
- Description
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The description of the Interest Rate Code.
- Calculation Method
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The method used by Infor LN to calculate interest amounts.
Allowed values
- Days Overdue
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The option to calculate interest based on the rates defined for the number of days by which a payment is overdue.
- Periodical Interest
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The option to calculate interest based on the rates defined for effectivity dates.