How to Set up or change Simple Interest rate?
To add or change the simple interest rate in the invoices follows the below steps:
Step 1: Go to Admin dashboard >> Income Tracker >> Setup >> Auto Invoicing
Step 2: Scroll to the bottom very bottom of the page. Here you will find the Late payment interest setup. Click on the “Edit” button.
Step 3: Enter the rate of Interest in the text box next to “Simple Interest (% pa)” in number.
Step 4: Click “Save”.
This updated simple rate of interest will be applicable to the next coming invoices generated through the system.
How is the Simple Interest Calculation done in ADDA?
Simple Interest: This is the most recommended and widely used method where Late Payment Fees will have to levy for delayed payments. Option 1 - Simple Interest p.a (Considered Billing is Monthly / Quarterly/ Semi-Annually / Annually) a. Considering ...
Flat Rate vs. Annual Interest Rate calculated daily
The Best Practice method of Late Payment Penalty calculation uses an Annual Interest Rate on the Actual Outstanding, calculated on a Daily Basis. This method is legally sound, used by all Financial Institutions as well as explicitly mandated by some ...
What are the interest calculation option available on ADDA?
In ADDA, we have multiple ways to calculate interest on unpaid dues. The best-suggested method is using Simple Interest. However, we do have other options as well which are well explained below: 1. Simple Interest p.a (Considered Billing is Monthly / ...
How to enable interest breakup in the bill?
Go to Income tracker>>Set up>>Other>>Check the check box: Show Interest Breakup in the Bill>>Save changes. After which the interest breakup will be reflecting in the bill.
How to change the rates in the existing formula which is set for auto invoicing?
Please follow the below steps in case you want to make any changes in the existing invoicing formula based on which system can generate bills automatically for the next quarter/month/half year : Step 1: Login to ADDA and go to Admin >> Income ...