This chapter contains these topics:
From Accounts Receivable (G03), enter 27
From A/R Advanced and Technical Operations (G0331), choose Interest Invoicing
From Interest Invoicing (G03312), choose an option under the Setup heading
In order for the system to calculate interest charges on overdue invoices, you need to specify the interest rate. You can specify a monthly finance charge percentage in the customer master record, or you can define the interest rates and effective dates that the system uses to process interest invoices.
Define interest rates for company 00000 to use as the default rates for all companies. You can also define interest rates for a specific company
Interest rates are stored in the Interest Rate Constants table (F00017).
Complete the following fields:
Interest Computation Code
Effective Interest Rate
|Interest Computation Code||A code indicating what interest rate is to be charged for late joint interest invoices for this business unit or owner. This code is also used for computing interest on late or suspended royalties in the Revenue Distribution system. This code can be established in the Business Unit Master table (F0006) for all owners in the DOI's for the business unit, or may be assigned by owner in the DOI Detail Revisions programs. The company field should be left blank for all uses except Interest Invoices.
When used for Interest Invoicing in the Accounts Receivable system, this code is "INV." A rate should be entered for each company used in A/R or for company 00000. The rates entered for company 00000 are the default rates when no record exists for the particular company.
|Effective Date||The date on which this transaction takes effect. The effective date is used generically. It can be the date of the next raise, a lease effective date, a price or cost effective date, a currency effective date, a tax rate effective date, change in well status, or whatever is appropriate.|
|Effective Interest Rate||The effective interest rate associated with this particular payment terms code. This must be entered manually as several payment terms codes have an indeterminate interest rate (for example, 30/60/90 terms or prox 25th). Leaving the effective interest rate blank will void the comparison of this rate with the current borrowing rate (CBR) in order to determine whether a discount is to be taken. Input interest rate as a full number between 0 and 99 rather than a decimal fraction.|
When you enter or revise the text for interest invoices, the system creates the key for generic message text. The system stores this key in the Generic Text Index Key table (F00163) and the actual message in the Generic Text Entry table (F0016).
Complete one of the following fields on the first available blank line:
Complete the following optional field:
Press Enter or click Add to create record.
Locate the customer or company you just added.
Choose the Narrative Text option next to the customer or company.
|Displaying a specific customer or company||To limit the list of customers and companies, specify the appropriate address number or company number at the top of Revise Interest Invoice Text.|
|Deleting a customer or company||To remove a company or customer from the list of interest invoices text, choose Delete next to the appropriate customer or company.
The Delete action deletes the entire list of customers and companies.
|Creating a model message||To use the same text for several companies, you can create a model message.
See Chapter 81, "Set Up Statement Messages" for more information.