Late payment fees


I think, it seems to me that there is something wrong in the calculation of late payment fee.
Amount: 1000, due 01.01.2016, interest 1%. Results by Manager are:

Second case in connection with the same topic:

  • is there or will be there some additional adjustments to setup late payment fees settings?

Example: by day, by month, by year?

Third case in connection with the same topic:

  • the customer also needs a some document (an invoice), to pay this fees. But when im looking invoice self, there is no any additional information about this fee. Only interest rate.

I think, it wold be nice to show also how many days invoice is over and how it will be charged.

With kind regards

I think the calculation based on monthly.

The numbers you have listed correspond to 1% per month compound interest. That is, the late fee of 1% applies to the total of all previous months’ charges, plus 1% for the current month.

Yes @Tut!
But I suppouse thats not allowed everywhere, I mean its not allowed to calculate interest from interest.

And there is actually also the second question: when customer needs an invoice for this fees.

With kind regards

I understand your issue. I have, in the past, added separate late fee line items to invoices, allocated to appropriate accounts. Then I’ve issued a revised invoice with “(Revised)” annotation in the invoice number or a prominent note to that effect.

Hehe :slight_smile:
@Tut I made it soon also manually. Just sometimes when you are lazy, then I want that everything will be created automatically :slight_smile:

With kind regards