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Late Charges invoices in oracle fusion

in Receivables & Collections 6 comments

We have done the following setups in order to enable the creation of late charges invoices in oracle fusion

1.Receivables activity-Late charges

2.Transaction type

3.Transaction sources

4.In receivables system options, late charges has been enabled. Interest Invoice transaction type, Interest Charge activity, Penalty Charge activity has been assigned with the respective transaction type and receivables activity.

5. In the customer profile classes-

Late charges has been enabled

Late charge calculation method -Overdue Invoices only

Charge reduction-credit items and disputed transactions

Late charge type-Invoice

Payment terms-Immediate

Interest calculation formula-Simple

Interest calculation method period-Daily

Receipt Grace days-0

Interest Days period-30

In the currency settings- USD, all the mandatory fields are completed

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