Hello,
To implement a solution for automatically applying a 2% late fee to overdue invoices in Microsoft Dynamics 365 Business Central, you can follow these steps:
Set Up Reminder Terms:
- Navigate to the Reminder Terms setup in Business Central. This allows you to define the conditions under which reminders (and late fees) are calculated.
- Assign the reminder terms to the relevant customers, ensuring that the late fee percentage is set to 2% for overdue invoices.
Enable Automatic Calculation of Late Fees:
- Use the Reminders functionality to automatically calculate late fees on overdue invoices. This can be configured to include finance charges or fees based on the overdue amounts.
- Ensure that the reminder terms are set to trigger the calculation of the late fee when invoices are overdue.
Create a Custom Field for Waived Amount:
- You may need to customize the customer card or invoice page to include a new field, such as Late Fee Waive. This field will allow the A/R team to manually enter any waived amounts.
- This customization can be done using extensions or by modifying the existing page layout in Business Central.
Implement Logic for Waiving Fees:
- Develop a logic (potentially using Power Automate or Business Central's AL language) that checks the Late Fee Waive field. If an amount is entered in this field, the system should not apply the calculated late fee.
- This logic can be integrated into the reminder process or as part of the invoice posting routine.
Testing and Validation:
- After implementing the above steps, conduct thorough testing to ensure that the late fees are calculated correctly and that the waiver functionality works as intended.
- Validate with sample invoices to confirm that the system behaves as expected when late fees are applied and waived.
Training the A/R Team:
- Provide training to the A/R team on how to use the new functionality, including how to enter waived amounts and understand the late fee calculations.
By following these steps, you can create a system that automatically calculates late fees on overdue invoices while allowing for manual adjustments when necessary. If you require further customization or specific coding examples, consider consulting with a Business Central developer or partner who can assist with the implementation
