Sterling Multi Invoice Late Fee Calculator
This calculator may be used to calculate contractual interest or statutory interest and fees for multiple invoices for the same debtor.
If you use contractual interest then you should change the interest rate at the head of the calculator, and set the Interest base rate to ‘No’ if your terms of business specify a set interest rate rather than a rate above base rate.
If your terms of business do not specify an interest rate, or if they refer to the Late Payment Act, then you should leave the ‘Commercial Interest Rate’ at 8% and leave the ‘Include Base Rate’ option at ‘Yes’.
Please note that this calculator will not work for debts with invoice date prior to December 2009.