Transactions & Reporting > Sales (Money In) > Settings > Set up Interest Charges for Late Customer Payments
Set up Interest Charges for Late Customer Payments
Before you can perform this taskTo set up Sage 50 Accounting to track interest charges on customer late payments:
- In the Home window on the Setup menu, choose Settings.
- Click on Customers and Sales, and then Options.
- Select the Interest Charges check box.
- Select either Compound Interest or One-Time Simple Interest. For Compound Interest, you can select Annual Interest Rate or Monthly Interest Rate.
- Enter a number in the percentage and days boxes. The Daily Interest Rate is calculated depending on the interest rate you enter.
- Click OK.