How to use OFIR - (Penalty) Interest rate entries

SAP Transaction Code - Details

• Transaction Code: OFIR

  Description: (Penalty) Interest rate entries

  Release: S/4HANA and ECC 6

• • Program:

    Screen: 0

    Authorization Object:

  • Development Package: FMFG_PPA_E

    Package Description: Prompt Payment Act

    Parent Package: FUNDS_MANAGEMENT

  • Module/Component: PSM-FG-PP

    Description: US Prompt Payment Act

Smart SAP Assistant

• SAP Tcode: OFIR - (Penalty) Interest rate entries

  
  Overview:
  The SAP transaction code OFIR is used to enter penalty interest rates in the system. This code is used to set up the interest rate for overdue payments and to calculate the interest rate for overdue payments. 
  
  Functionality: 
  The OFIR transaction code allows users to enter penalty interest rates into the system. This code is used to set up the interest rate for overdue payments and to calculate the interest rate for overdue payments. The penalty interest rate can be set up for different currencies, payment terms, and payment methods. 
  
  Step-by-step How to Use: 
  1. Enter the transaction code OFIR in the command field. 
  2. Select the currency, payment terms, and payment method for which you want to set up a penalty interest rate. 
  3. Enter the penalty interest rate in the Interest Rate field. 
  4. Click Save to save your changes. 
  
  Other Recommendations: 
  It is important to note that the penalty interest rate should be set up according to local laws and regulations. Additionally, it is recommended that users review their settings regularly to ensure that they are up-to-date with any changes in local laws or regulations.