Request the Capability of Generating an Interest Invoice for the Previous Months Interest
Last updated on NOVEMBER 09, 2017
Applies to:Oracle Lease and Finance Management - Version 12.2.5 and later
Information in this document applies to any platform.
On : 12.2.5 version, Billing Modules
Need the capability of generating an Interest Invoice for the previous months interest
For Revolver Loan contracts, the way invoicing currently works is that the Interest Invoices are sent to the Customer on the 2nd of the month (Invoices are also dated 2nd of the month).
These Interest invoices are for the earlier month (1st of the month to the last day of the month).
However, the Due date for the Invoices is the 17th of the month, so the customer gets about 16 days to make the payment.
When Interest Invoices is created in OLFM, it is always using the payment term of `IMMEDIATE' and an invoice created on 2nd is due on the same date (2nd).
This happens even if the Payment term on the Customer Account / Bill to site have the payment term of `Due on 17th'
Using Print Lead days is also not working in this scenario since Revolving loans calculate interest on the 'Actual' Principal balance. Using Print lead days of 15 days will create an Invoice on the 2nd - and have it dated as 17th. Then, OLFM prevents us from doing a Principal pay down on such contracts till the 17th of the month.
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