Interest Rates by Days Overdue (tfacr5104m000)
Use this session to view and maintain interest percentage for the Interest Rate Code for which Calculation Method is set to Days Overdue. This percentage is used to process interest invoices. You must also specify the minimum number of days after which the interest must be charged on the invoices.
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.
- Minimum Days for Interest Invoice
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The minimum number of days by which a payment must be overdue for interest to be charged.
- Interest Percentages
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The annual rate of interest to be charged on the overdue invoices.