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        • Set an interest charge rate for a client

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Interest charges

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How the Charge Late Fees/Interest report calculates interest

To use the Charge Late Fees/Interest report correctly, it is important to know how it calculates interest.

The Charge Late Fees/Interest report uses this method to calculate interest for an overdue account:
  • Overdue account balance × interest rate ∕ 100 × number of days for the charge ∕ days in the year
ExampleGiven these inputs for one client:
  • Overdue account balance: 225
  • Interest rate: 20 %
  • Number of days for the charge: 1 May to 31 May
The calculated interest rate is 3.82. (225 × 20 ∕ 100 × 31 ∕ 365 = 3.82)
Parent topic: Interest charges
Related concepts
  • About interest charges for clients
  • Settings of the Charge Late Fees/Interest report
Related tasks
  • Send client invoices for interest charges
  • Configure an interest charge rate for an ezyVet site
  • Set an interest charge rate for a client

ezyVet

Last updated: April 16, 2024

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Related Articles:

  • Interest charges
  • About interest charges for clients
  • Settings of the Charge Late Fees/Interest report
  • Send client invoices for interest charges
  • Configure an interest charge rate for an ezyVet site
  • Set an interest charge rate for a client

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