You can define interest parameters at supplier level, supplier site level, or trade note level.

Automatic Interest Calculation

You can pay an overdue invoice with either a payment batch, manual payment, or a QuickCheck. Payables automatically creates an interest invoice for the overdue invoice and creates a corresponding payment when you create your payment batch, manual payment, or QuickCheck payment. If you manually pay an overdue invoice, Payables warns you that the interest is due for the invoice; you should pay the invoice in a payment batch or with a Quick payment.

Payment or Cancel the Calculated Interest Amount

You can pay or cancel the calculated interest amount when you pay the main amount. You can also change the interest invoice amount.

Penalty Fee

You can define a penalty fee and the interest when you pay an overdue invoice.

Interest Calculation Based on Business Day Calendar

Payables calculates interest according to the business day calendar and shows the interest value and number of days a payment is late. If the due date is a weekend or a holiday, Payables lets you anticipate, postpone, or keep the due date for the interest calculation.