Set the interest on reminders

You can calculate interest on the reminder, enter the interest on the profit and loss account and print the total outstanding amount, including interest, on the reminder letter.

Note:

Skip this step if you do not want to calculate interest on the reminders.

To set the interest on reminders:

1. Go to: Financial / Management / Administration settings.  
2. Go to the tab: Reminder.
3. Decide whether you want to apply an interest-free period. If so, enter the number of days as well. For example, if you enter 10 days then Profit does not calculate interest for the first 10 days after the due date.
4. If you want to write off the interest paid from a separate ledger account, select the Interest entry with invoice reconciliation check box and then select the desired ledger account.
5. Go to the tab: Interest.
6. Click on: New.
7. Set the interest percentage as of a specific start date. This rate applies up to the start date of the following interest rate line.
8. Click on: OK.