Having Late Charges Calculation on Past Due Invoices

[Former Member]

Hello Gurus,

Can someone tell me how to Enable Late Charges Calculation on Past Due Invoices.

Need to start charging late charges on invoices that are past due at the rate of 2% per month. Rate will begin to be assessed 15 days after the invoice is due.

Thanks,

SNK.

[Former Member · Accepted solution]

Hello SNK.

Apart from what Prakash mentioned, you need to set up the Payment terms -OBB8- also based on your scenario. This is required for defining the baseline date when the invoice is due,

[Former Member · Accepted solution]

Hello Chandrasekhar,

Thank you for your reply.

[jpfriends079]

Hello,

For this you need to take FI consultants help an activate Dunning Procedure for the customers in customer master in company Code Data: Correspondence Tab.

For maintaining Dunning Procedure in FI, following is the path:.

Fin Acc New - Acc Rec & Acc Pay - Business Transactions - Dunning.

Thanks & Regards

J Prakash

[Former Member]

Hello Prakash,

Thanks for the solution. I need to look into the dunning procedures as suggested by you.

Thanks,

SNK.