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Administrator Guide
Last Updated: 2023-06-23
Steps: Process Interest and Late Fees Charges

Steps: Process Interest and Late Fees Charges

  • Create interest and late fee rules.
  • Assign the rules as defaults or configure rule overrides for companies and customers to suit your business needs.
  • Set up finance charge calculation options and specify the document output options.
To generate the finance charges, you can schedule the process job or run it manually.
  1. Access the
    Edit Customer Invoice Layout Rule
     task.
    To create a finance charge document when you print the invoice, set:
    • Customer Invoice Layout Rule
       to
      Finance Charges
      .
    • Business Form Layout
       to
      Customer Finance Charge Invoice Printing Form
      .
    Security:
    • Set Up: Customer Accounts
       domain in the Customer Accounts functional area.
    • Set Up: Sponsor Accounts
      domain in the Grants Management functional area.
  2. Specify the criteria for processing finance charges and run the calculations.
  3. (Optional) Access the
    Schedule Process Interest and Late Fees
     task.
    You can create multiple schedules for the same processing configuration.
    To run the process after another action completes, select
    Frequency
     of
    Dependent
     and specify dependency, trigger status, trigger delay configurations.
    To schedule the process at a specific time, in a certain time zone select
    Frequency
     of
    Custom Recurrence
    .
    When you select the
    Only Include Invoices Eligible As Of Run Date
     check box, Workday includes the grace period while determining invoice eligibility.
    Security:
    Process: Customer Invoice - Collections
     subdomain in the Customer Accounts functional area.
  • Email the printed finance charge documents.
  • View finance charge details for a given calculation run on the
    Find Interest and Late Fee Calculation Runs
     report. You can also view the rules used for processing the charges on a customer profile, billing schedule, and a given customer invoice.