Statement Generation Program Calculated Wrong Finance Charge Amount

(Doc ID 870024.1)

Last updated on AUGUST 25, 2017

Applies to:

Oracle Receivables - Version to [Release 11.5.10]
Information in this document applies to any platform.


On in Production:

Finance charges on transactions (Accrue=Yes, Compound=No) works fine until a payment is applied
using an Application Rule Set that applies receipts to Finance Charges first, then Lines. The Application Rule set works as expected and pays off the Finance charges first. However, during the next Statement run, Finance Charges accrued are lower than expected.


                           Days Finance
Date      Balance   Rate   Late Charge
--------- -------- ------- ---- -------
01-Oct-08 3,941.98 0.6250% 30   24.64
01-Nov-08 3,941.98 0.5960% 31   24.28
01-Dec-08 3,941.98 0.5960% 30   23.49

01-Dec-08, a payment of 265.38 is applied: 72.41 against Finance Charges and 192.97 against Line.

01-Jan-09 3,749.01 0.5830% 31   22.15

The correct amount of the Finance charge should be 22.59


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