Accounting - Late Interest Charges

Navigation: Corporation Details > Corporation Information > Settings
Purpose: Calculate charges on unpaid maintenance and lienable amounts.

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The Late Interest is used to calculate the interest charges on outstanding payments to maintenance and lienable charges.

Once you have navigated to the Settings section, select the item categorized as Late Interest Chargeable item.

Afterward, input the applicable Late Interest Rate that will be applied to the outstanding balance.

You will also need to specify the Interest Type, which could include options such as Yearly, Monthly, or other available intervals, depending on the terms of the agreement.

Additionally, indicate the Late Days After, which represents the number of days that must elapse after the due date before the interest starts to be calculated on the overdue amount.

This step ensures that the system calculates interest based on your specified terms.

Note: To use this feature you must have a Chargeable Item set.