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eXpendit

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Prompt Payment – Reference
COBJ Defaults for Automatic Interest

Payments for goods or services are subject to prompt payment interest if paid late. Refer to the Goods/Serv field on the USAS D10 - Comptroller Object Profile to determine if prompt payment interest is to be automatically added by USAS to payments distributed after the payment due date when using the expenditure comptroller object to make payment.

A Y in the Goods/Serv field on the USAS D10 profile indicates USAS will automatically calculate and add interest to transactions made after the payment due date for that COBJ.

An N in the Goods/Serv field on the USAS D10 profile indicates USAS will not automatically calculate interest on transactions distributed after the payment due date for that COBJ.

Prompt payment interest is paid using comptroller object (COBJ) 7806 – Interest on Delayed Payments.

Note: Interest may be Forced or Refused on a USAS payment transaction. You are required to enter F or R with a 2 character Interest Control Reason Code (IC) when forcing or refusing interest.