Late Payment Fees

You can generate late payment fees, which assess finance charges on late payments either by specifying the corresponding processing option in the Generate Delinquency Fees program or by running the Late Payment Delinquency Fees program (R03B221) from batch versions; you cannot access the Late Payment Delinquency Fees program from a menu.

When you generate late payment fees, the system compares the invoice due date of the receipt record (F03B14) with the effective date of the policy (fee instructions) to determine which policy to use to retrieve the rate that it uses to calculate the fee.