Editing a periodic penalty detail

Note: You can’t change the penalty code or penalty table that a detail is associated with. To associate a detail with a different code or table, you must redefine the detail under the correct code or table.
  1. Select Billing > Setup > Delinquency > Penalty Table.
  2. In the Penalty Table Setup tree, browse to the periodic penalty detail that you want to change.
  3. Right-click the detail node and select Modify Penalty Detail.
  4. If you want to calculate daily interest, select the Daily Interest check box.

    Daily interest can be used to calculate a penalty charge as of the current date, based on the number of days since the last penalty assessment, the number of days at which the penalty recurs, and the penalty rate.

    For example, suppose a customer owes a delinquent amount of $50.00 for a water bill. The delinquent amount is liable to an interest charge of 2 percent recurring every 30 days, and the last penalty was on April 30. If the water utility does a penalty run on May 15, Infor Operations and Regulations calculates the charge as follows: 15/30 x 0.02 x $50.00 = $0.50.

    Note: To use daily interest you must also activate the daily interest feature switch.
  5. Define initial charges, if required.
    See Defining an initial penalty charge.
  6. Define recurring charges, if required.
    See Defining a recurring penalty charge.
  7. Click Save.