The Finance Charge Setup (FNCHG) table is the main table used to define the characteristics of fees used in the finance charge process. It is within the Finance Charge Setup table that a finance charge can set up to process at an Accounts Receivable Department and Unit level. Once the finance charge settings are defined, you can specify them to be used for particular billing profiles. Changes to the Finance Charge Setup table take effect immediately, but do not apply to past finance charges.
You can set the following characteristics concerning on the Finance Charge Setup table:
Department - specific Department or All Departments
Unit - specific Unit or All Units
Finance fee charge type - Flat fee or interest
Flat fee amount - one-time, recurring
Interest percentage - simple, compound
Frequency - for automatically applying flat fee or interest charges
Posting type of finance charge - for example, interest, late fee, administrative fee
Chart of accounts information - Specifies chart of accounts fields to which a finance charge is distributed