Contract Type - Detail

Define the following options:

• Special Role is Loan.
• Specify the Interest Bill Factor set up above.
• Use Override Interest Flag to indicate whether the interest rate defined on the interest bill factor may be overridden at the contract level. If you select Allowed, the interest rate may be overridden by a contract value on the contract.
• Use the short-term receivable account defined above as the Loan A/R Distribution Code. If you do not want the system to differentiate between short-term receivables and long-term receivables, make the loan A/R distribution code the same as the distribution code (above).