You can specify interest rates for late fee on outstanding invoices in the Global Settings screen. These settings control the calculation of late fee in the Invoice Review screen, unless overwritten by different settings in the Project screen.
Below is a list of late fee settings, actions to take and where they can be set.
|
Settings |
Action/Effect |
Where |
|
% per month
|
Enter the rate of interest to charge as late fee on invoices. Enter the percentage as a whole number (for example, 1.5 for 1. 5%). |
Global Settings-Billing |
|
Days After |
Enter the number of days or grace period before Web Suite charges the monthly interest rate on past due invoices when calculating late fees. |
Global Settings-billing |
|
Apply to blank/zero/non-blank rates |
You can apply the interest settings to project records based on whether these fields are blank, with zero value or any other value. Select the relevant option and click |
Global Settings-Billing |
|
Interest on Past Due Invoices |
Enter the number of days or grace period after which Web Suite will charge interest per month on past due invoices. The Payment Term set for a project (Billing tab) is carried to the ‘After Days’ field. |
Project-Details |
to apply these settings to existing data.