Infor LN & Baan Tips & Tricks for FINANCE: Interest Invoices
You can generate interest invoices for paid invoices, partially paid invoices, and unpaid invoices. In addition, after you generate and send an interest invoice, you can generate a subsequent interest invoice for the next period.
Setting up interest invoicing: You can set up interest invoicing in Accounts Receivable and the General Ledger.
To set up interest invoicing, use these sessions:
- Invoice-to Business Partner (tccom4112s000)
For invoice-to business partners for which you want to raise interest invoices, select the Charge Interest check box. If this checkbox is selected, you can select the Interest Rate Code. This interest rate code is assigned to the business partner. If you specify this value, the Interest Rate Code specified in the Financial Business Partner Groups (tfacr0110m000) session is ignored. The interest rate defined for this Interest Rate Code is used to calculate interest amount on reminder letters and interest invoices.
- Mapping Scheme (tfgld4573m000)
Use this session to define the mapping of the Interest Invoice/Revenues Analysis integration document type.
- Interest Percentages (tfacr5102m000)
Use this session to define the interest percentages for each financial business-partner group, and for different periods of days.
- Interest Invoice Related Data (tfacr5101s000)
Use this session to define whether interest must be calculated on unpaid invoices, partly paid invoices, interest invoices, and/or fully paid invoices. You can also indicate that LN must take advance payments, unallocated payments, and credit notes into account for the generation of interest invoices.
- Optionally, set conditions
Example: LN only generates an interest invoice advice entry if these conditions are met:
- The total of all advice entries in one currency is higher than the allowed minimum amount of an interest invoice defined in the Minimum Amount for Interest Invoice field.
- The invoice is overdue for a greater number of days than the number of days defined in the Minimum Days for Interest Invoice field.