How Do I Calculate Late Fees?

The method to calculate late fees on past due invoice incorporates the new approach of date-stamping the late fee amount. Late fee is calculated based on a certain date as chosen and set in the Invoice Review screen.

In Invoice Review Module, we now have an option, Calculate Late Fee Up To. This Option will allow user to generate a separate Late Fee Invoice against the Principal amount (that is, Balance Amount) based upon the Interest rate set.

Late fee calculation should be done prior to running reports for late fee purposes.

You cannot create a late fee invoice for a draft invoice.

To calculate late fee:

1. Open Invoice Review screen from the Billing menu.
2. Select an invoice (except draft) from the grid. You can apply the ‘Open’ Invoice Status filter.
3. In the Calculate Late Fee section at the top, select a date up to which you want to calculate late fees for the selected invoice.  
4. Click Calculate Late Fee. Web Suite calculates late fee on the outstanding balance and generate a late fee invoice.
5. Web Suite prompts you to review the invoice by checking ‘Late Fee’ Invoice Status. Click Refresh.
6. The late fee invoice displays on the grid. You can process it as usual.