In this configuration activity you are able to prepare interest on arrears calculation.
IMG Path: Financial Accounting (New) -> Accounts Receivable and Accounts Payable -> Business Transactions -> Interest Calculation Global Settings -> Prepare Interest on Arrears Calculation
When you enter into the transaction you will get a list of already defined interest calculation on arrears.
On following screen you will see the screen for detailed view. Maintain the settings according to your requirements.