Setting up Late Payment Interest:
We have various methods for calculating late penalty:
1.Simple Interest:
2.Flat Penalty
3. Simple Interest + Flat Penalty
4. Day Interest.
Follow the below steps to update the rate or Penalty charges:
Step 1: Go to Admin dashboard >> Income Tracker >> Setup >> Auto Invoicing
Step 2: Scroll all the way down to the bottom of the page. Here, you'll come across the Late Payment Interest Setup section. Click the 'Edit' button to make changes.
Step 3: Enter the rate of Interest in the text box next to “Simple Interest (% pa)” in number. And Update the Grace period/Due Date.
Step 4: Click “Save”.
This updated simple rate of interest will be applicable to the next coming invoices generated through the system.
Same steps can be followed to update the flat penalty also.
Note: By default, Simple Interest option will be available, if you want to switch to any other method, please raise a support ticket by following the below link:
You can consult the links below to understand how calculations are performed on ADDA:
Simple Interest:
Flat Penalty:
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