Option 3: Defining standard note-based charges
- Access Standard Note Based Charge (FR06.1) to define a charge that has principal and interest components.
- Select the company number for the company that you want to define the note-based charges.
- In the Charge field, specify a charge identifier if you are adding a new charge. If you are inquiring on an existing charge, then select a valid standard note-based charge.
- Select the company base currency code, defined on Company (GL10.1).
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To define a standard note-based charge, use these guidelines to specify the field values on the Main form tab:
- Frequency
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Select the frequency of the charge.
Note: You can select any frequency. Because these charges can be copied to Note Based Charge (FR15.4) when you create customer contracts, consider assigning a frequency that meets the requirements for the Frequency field on FR15.4. - Interest Rate
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You can specify the annual interest rate for the note.
Note: Because this is a note-based charge, both Note Accrual (principal accrual) and Interest Accrual will be tracked in the general ledger. - You can select the Accounts form tab to define general ledger accounts, activities, and account categories for the standard note-based charge.