Option 3: Defining standard note-based charges

  1. Access Standard Note Based Charge (FR06.1) to define a charge that has principal and interest components.
  2. Select the company number for the company that you want to define the note-based charges.
  3. 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.
  4. Select the company base currency code, defined on Company (GL10.1).
  5. To define a standard note-based charge, use these guidelines to specify the field values on the Main form tab:
    Frequency

    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.

    See Maintaining customer contract charges.

    Interest Rate

    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.
  6. You can select the Accounts form tab to define general ledger accounts, activities, and account categories for the standard note-based charge.