Charge Interest on Overdue Invoices
Before you can perform this task
- Turn on the Sage 50 Accounting setting that charges interest on late payments. Invoices will only become overdue from the time you enable this feature.
- (Optional) To find out which customers are overdue on their payments, generate an Aged Overdue Sales Invoices report.
- Generate customer statements for those customers with overdue payments. The interest on the overdue balances for each customer are printed on their statements.
To charge a customer for interest owning on an overdue invoice:
- Create a new sales invoice for the interest amount owing.
- When payment is received for the interest owed, enter the payment against the interest invoice. Sage 50 Accounting will continue to calculate interest on the original overdue invoice until payment is received for it.