Balance Account Interest-grace period and settlement day calculation problm
I would like to request some help from you experts. I currently have a business requirement to configure interest charges to be calculated once an AR account is due plus two days grace. I then require interest to be posted every 30 days. Thirdly, I require a letter to be generated after each interest charge
1. When I use F.26 it calculates interest when an account is due but I require it to add two days grace.
How do you configure the system so that Interest runs everyday and only posts to an account that is overdue plus two days grace? For example. If Invoice is due 01/01/2009. I require the interest run to post interest on 01/04/2009 (interest run needs to run ever day)
2. How do you configure the system so that after the first interest run on an account, the interest run only posts interest to those accounts that require a posting after 30 days after being due. Currently when I try to do so, I see a message in the log "Settlement day 00 in payment terms invalid "31" used" For example. After 01/04/2009, I require interest to be posted on 02/03/2009. Currently it is posting at end of the month. Please note that all invoices could have different due dates.
The configuration steps that I have done so far are:
- OB46 Define Interest Calculation Type (used "S")
- OBAA Prepare Account Balance Interest Calculation
- OBAC Define Reference Interest Rates
- OB81 Define Time-Based Terms
- OB83 Enter Interest Values
- OBV3 A/R Balance Interest Calculation
- OB84 Assign Forms for Interest Calculation
Any help you can provide is greatly appreciated!