Interest will be charged on outstanding penalty. Interest will be charged on outstanding interest. Penalty will be charged on outstanding principal. ![]() Interest will be charged on the outstanding principal. In this example, the following charges would be assessed: In the Define Finance Charge Groups window, a charge group is defined as: Finance Charge Basis In the Define Finance Charge Types window, assume the following finance charge types have been defined: Indicates Customers assigned to the customer class will be assessed the finance charge types for the charge group. Assign Customer Class to Charge Groups window Description Field Name The following table describes selected fields on the Assign Customer Class to Charge Groups window. Opens the Assign Customer Class to Charge Groups window. Note: The list of values includes operating units assigned to the MO: Security profile.īasis the finance charge type will be assessed against indicates whether the finance charge type will be assessed against principal amounts or other finance charge types. Define Finance Charge Groups Window Description Field Name The following table describes selected fields on the Define Finance Charge Groups window. To define finance charges type used by the organization, navigate to the Define Finance Charge Groups window. Percentage can be updated if end date is blankĪmount can be updated if end date is blank Indicates how the Rate % charges will be assessed can be updated if end date is blank Indicates whether the Current Value of Funds Rate (CVFR) from the Define Fund Rates window will be used for calculation purposes can be updated if end date is blank. Note: When CVFR is selected as Rate Type, this field is unavailable for entry.Īmount Not Allowed If Rate % Entered Must Be Greater Than Zeroĭate charge effective must be later than last start date for that charge type Percentage Not Allowed If Amount Entered Must Be Greater Than Zero When CVFR is selected as Rate Type, this field must be Annual. Flat indicates the % will be assessed directly. Note: Annual indicates the % will be assessed on an annualized basis. Indicates how the Rate % charges will be assessed. Note: Options include none, distribution only, and line and distribution.Īllows the selection of the Current Value of Funds Rate (CVFR) from the Define Fund Rates window to be used for calculation purposes. Permits proration of finance charges using the accounting distribution from the document being charged. Note: Options include invoice date and invoice due date. The date used as the basis for accrual calculation If selected, indicates each installment of a split term transaction will have finance charges assessedĭebit memo transaction type assigned to the charge type ![]() Order of payment among charge types when cash received lowest priority charge types paid first must be greater than zeroĭays beyond due date must be greater than zeroĭays between accruals must be greater than or equal to zero. Last digits of invoice number used at end of debit memo number created for that finance charge typeĬategorizes each user-defined finance charge as additional interest, administrative cost, or penalty Note: When disabled, it prevents new charges from being assigned as well as stops accrual of existing invoices assigned that charge. Note: The list of values include operating units assigned to the MO: Security profile. ![]() Define Finance Charge Types Window Description Field Name The following table describes selected fields on the Define Finance Charge Types window. To define finance charges type used by the organization, navigate to the Define Finance Charge Types window. Oracle Applications Multiple Organizations Support, Multiple Organizations in Oracle Applications Defining Finance Charge Types Federal Financials User Guide Prerequisitesīefore setting up finance charges, you must:ĭefine transaction types for each organization in Oracle Receivables, if Oracle Applications Multiple Organizations Support is implemented.ĭefine Customer classes for customers in Oracle Receivables. Receivables Management Procedures, Oracle U.S. In the Define Finance Charge Groups window, enter finance charge basis and finance charges to be assessed to each basis for a particular finance charge group. In the Define Finance Charge Types window, enter finance charge types. The setup in the Define Finance Charge Types and Define Finance Charge Groups windows are used in assigning and accruing finance charges in receivables management.
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