Hello everyone,
One of the customer’s inquired following question,
“How do I change the rate charged on Reminder invoices? Now it is set to 18% which is bit steep. We need this rate to be changed 2 times a year also so it would be good if we can do it ourselves. For now, we need it to be 8%. Please advise”
Can someone please advise how to change the rate charged on Reminder invoices ?
Thanks and Best Regards,
Peshala
Hi,
The interest template has the interest rates - multiple options for the rates.
The customer record has an attribute for the intertest template.
Best regards,
Thomas
Hi,
Assuming the rates, change it’s probably best to have that rate history on the template. For example add a new rate for July 1 2021 then another record for January 2022.
Hi Thomas,
Thanks for the quick response and the explanation. I was trying to understand the meaning as of what type of rate is he talking about which would have an impact on invoices. So would this rate be charged as a late payment fee on the invoice as per the due date ?
Best Regards,
Peshala
Furthermore Thomas, as per the customer’s question, Customer can add 2 rates which one would impact to the present and the other date as a future date on a new line so that basically it will be automatically selected the rate on the future date just like currency rates scenario right ?
Hi,
The IFS Help has very good information on the reminders. - I’ll summarize.
The reminder process is used to inform the customer of invoices that have not been paid. That can be invoices that are soon to be due or past due. Reminders have levels as the more times a given invoice is included in the reminder process it moves up the levels where different notes can be added.
A very nice feature of the reminders is that it “can” optionally show any interest that could be charged. Reminders do not charge interest, it informs of that possibility.
An interest template / interest process creates the invoice for the interest charge. Some countries rarely invoice the customer for interests. In some areas / business in all likely hood the customer would never pay the interest. so the reminder is used to warn the customer that they can be charged interest.
As per the dates, yes you are correct.
Hope this helps,
Best regards,
Thomas
Hi
Thank you so much for the information. I knew about reminders and the levels but as customer had connected charging interest rate and everything, things got bit confusing for me. Anyway Thanks again for the information and for your time for explaining interest rate process.
Best Regards,
Peshala
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