Late Payment not automatically updating

Hi, first post on here, but have read a lot on the community and always been a fantastic help. I have been using Manager for a few months now and love it, a very powerful tool.

I have an invoice set up to add 5% late payment fee monthly, I presume this means every 30 days?
In the past this has worked fine, but I have one invoice that is now overdue by 31 days, but there has only been one instance of the 5% fee being added. I would like manager to add another instance of the late payment fee as we are now in the second month past the due date.

Is there something I am missing or is the “monthly period” not set to 30 days? Or is it something to do with the invoice being issued in the last accounting period and we have just entered the next financial year?

Any help would be greatly appreciated

Thank you in advance,

It’s not every 30 days. It could be anywhere between 28 to 31 days. Depends on the length of the month.

Thanks for the prompt reply

Ok, great, the invoice was originally issued in February (28 days) but was updated with the previous late payment charge in March (31 days) so it should change over tomorrow as the 32nd day?

Sorry if that sounds a little thick.

Would be a great feature to have the option to set the late payment period based on the due date in the future.

Thanks again for your help

If due date was on 15th. Then late payment fee will be applied each month on 16th.