In this section, you will find settings that apply to interest invoices.
Late payment fee - general percentage in %
Here you enter a general percentage for the late payment fee. In the Update Customer procedure in the Sales module, you enter whether to charge customers late payment fees for overdue invoices. The default setting is to charge late payment fees for customers. The default percentage here is 18%.
Payment terms for interest invoices
Here you enter the row number for the terms of payment that shall apply for interest invoices. The terms of payment must be registered in the Terms and Conditions procedure in the Global Settings module. The alternative that has been entered here will be displayed by default in the Print Interest Invoices procedure in the Sales module.
Minimum amount of interest charge
Here you enter a minimum amount in your company currency that will be used as the interest charge. This amount is the late payment fee (interest) of the invoiced amount, and serves as a standard value when you are charging your customers a late payment fee. For instance, with a late payment fee of 18%, the invoice amount of 10 000 Swedish Crowns would give you an interest invoice after 11 days if you enter 50 Crowns as the minimum amount here. The default option here is 50. Please see the additional information about interest charges in the Interest Invoice Basis procedure in the Sales module.
Minimum amount of interest charge per invoice
Here you enter a minimum amount in your company currency per invoice that will be used as the interest charge. Please see the additional information about interest charges in the Interest Invoice Basis procedure in the Sales module.
Amount of payment reminder charge
This is where you enter an amount in your company currency that will be the payment reminder charge. You must indicate, on each customer, whether a payment reminder fee will be applied or not. The default setting is not to charge payment reminder from your customers. The default payment reminder charge here is 50.
Days of grace for interest
The grace period is used to give the customer a few extra days after the due date to pay the invoice without being charged with interest. When the incoming payment is registered, the invoice will be selected for interest charge only if the payment day is after the due date with addition of the grace days.