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3. Navigate to the globalization flexfield. For instructions, see Using Globalization Flexfields. If you entered interest parameters in the System Options window, these fields are automatically populated in the globalization flexfield.

4. Enter Rate or Amount in the Interest Type field to calculate the interest on invoices past due.

5. Enter either the rate or amount in the Rate/Amount field.

6. In the Interest Period field, enter the number of days that interest charges are calculated over.

7. Enter Simple or Compound in the Interest Formula field to indicate the formula used to calculate interest.

8. In the Grace Days field, enter the number of receipt grace days that customers can be overdue on receipts before interest is charged.

9. Enter Rate or Amount in the Penalty Type field to calculate how to charge customers a late payment penalty.

10. Enter either the rate or amount in the Rate/Amount field.

11. Press the OK button.