Juvonno is able to calculate finances charges on outstanding invoices.
Go to Settings > General > Accounting > Finance Section.
Set the following:
- Monthly Interest Rate - Set as a percentage (%)
- Grace Period - days before charges would start to accrue
- Minimum Interest Charge - the minimum interest amount to be charged for the charges to apply.
- Minimum Transaction to Accrue Intrest - if the transaction is below this value, the finance charges will not apply.
- Calculate interest charges from - Invoice Date or Due Date
Save your settings.
Now when an invoice meets your criteria set above, the interest value will be calculated at the time the invoice is being paid and will create a new interest invoice.