Introducing Finance Charge Interest Rate - Czechia


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Users, automatically Mar 1, 2022 Apr 1, 2022

Business value

Due to legal requirements, we're replacing the Czech local functionality for multiple interest rates with the Finance Charge Interest Rate functionality in the base app.

Feature details

For each finance charge term code, you can specify multiple interest rates so that you can calculate finance charges with multiple interest rates for a specific period. This is helpful if you charge different interest on payments that are late. The interest calculation is the same for each financial charge, with variation only in the rate of interest for a specific period. If multiple interest rates are not set up, then the interest rate and period that is defined in the Finance Charge Terms and Reminder Terms pages for the whole period of calculation will be used.

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