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Modify the Overdue AP invoice interest calculation formula to follow South Australia legislation.

in Payables, Payments & Cash Management

Summary:

Is it possible to modify the Overdue AP invoice interest calculation formula to follow South Australia legislation instead of the standard US legislation formula configured with Oracle Fusion Cloud.

The formula to follow for South Australia is below:

I = ND × (IA × PIR) / 365where ND = number of days late, IA = invoice amount, PIR = prescribed interest rate (cash rate + 5%) — pure simple interest, no compounding

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26B

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