Click Admin > General Settings > Invoices tab and select a default interest nominal.

To display the tenant's outstanding interest amount on an overdue invoice, tick Display Outstanding Interest Balance.

From the Lease Details window, tick Charge Interest.

Enter a Grace Period if there is one.

Enter the Start Date from which overdue invoices should start accruing interest.

The auto-generated invoices will apply the Late Payment lease details settings.

On manually raised invoices, the Charge Interest checkbox on new invoices will default to the lease details settings for that unit/tenant combination.

When Display Outstanding Interest Balance is ticked in the config settings, the tenant's uninvoiced running balance of interest is viewable on the overdue invoice.

Each overdue invoice displays the outstanding invoice amount due for that invoice.

Note: If there are unallocated payments, the invoice will indicate the total unallocated amount.

If an interest invoice has been generated, unpaid rental invoices will display the Total interest invoiced as of the last interest invoice date.

When the merge field «ContactDetailsInterestBalance» is added to the Proforma or VAT Receipt document templates, the invoice/receipt will display the running balance of outstanding interest as of the date the invoice is generated.

When the merge field «ContactDetailsInterestBalance» is added to the Tenancy Statement document template, the bottom of the Tenancy Statement will display a line stating the running balance of outstanding interest as of the date the statement is generated.

From the Tenancy window, click Generate Invoice for Outstanding Interest Balance.

An invoice generates with a line item for each outstanding invoice for the interest amount of that invoice.

Note: If the interest invoice for an invoice with interest is redone/undone, the user will be notified that the relationship between the interest invoice and the invoice will be broken.

Note: If a fully unpaid interest invoice exists for this tenant and company, and the user clicks Generate Invoice for Outstanding Interest Balance for a new invoice, the existing invoice will be redone to include the new invoices with interest instead of creating a new invoice for the additional interest.

• Interest is charged on all rental invoices that fit all of the following conditions:
  • The invoice is set to charge interest
  • The invoice date is after the Interest Start Date of the lease
  • The invoice has not been fully paid before the end of the interest grace period as specified on the lease
• Once the grace period has passed, the tenant is charged interest from the invoice date.
• The interest rate is the base rate plus the amount above the base rate specified in the lease. The interest is calculated by getting the annual interest for the unpaid amount and dividing by 365.

Introduced in version 2019.9.27.6539 on 21/11/2019