Late Charge in Oracle Receivables

Late Charges

Ø  Flexible, multi-level Late Charge Policy definitions and assessments. it supports Flexible charge transaction formats i.e Invoice, Debit memo and Adjustment  formet.

Ø  Preview Mode & Corrections

Ø  Expanded assessment and calculation capabilities

            More control over the Assessment

1.      System Options

2.      Profile Class / Customer Account Profile

3.      Transaction Type

            Tiered charge schedules

1.      Rates dependent on length of time overdue

2.      Effective dates for charge schedule changes

            Calculation performed independent of Dunning and Statement processing

Ø  Integration with Balance Forward Billing and also it supports Average Daily Balance calculation

Ø  Leverages MOAC

Define your organization's late charge policy:

·         Enable the check box “Assess Late Charges” at the System Options Level.

·         Set up your late charge documents:

Record the Late Charges as one of the three document types:

1.      Interest Invoice

2.      Debit Memo

3.      Adjustment

       For points 1 and 2 define Transaction Source and Transaction Type and for the point 3 define a receivable activity of the type “Finance Charges”.

     Attach the Transaction Source, Transaction Type and Activity at the System Options Level under trans and customers under late charges tab