We have just introduced a new requested feature, the pro-rata.

This is used for those wanting to calculate a daily interest charge, pro-rated from a per annum charge.

This will take your interest rate and apply it to the outstanding balance. As this is per annum we then divide it by 365 to get a daily interest charge.

We then multiply the daily charge, by the number of overdue days (grace period) OR how many days since we last sent a penalty for this invoice.

The best practice for this type of charge, especially if your repeating the late fee, is to make sure they are being sent as 'New Invoice'. Otherwise compounding may be occur.

For reference we have followed guidelines set here: Gov UK

Any questions, or requests, please get in touch!

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