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Community > Accounting >

Adding interest

Started by Suzanne Millington -   in Accounting

Does anyone know how to add interest on outstanding invoices? I've done a search and most things i can find are a few years old.

Many thanks
Best Reply as chosen by Suzanne Millington (Original Poster)
Hi Suzanne.

I did a research using the Demo Company on how to apply interest to outstanding invoices.
You can actually add the interest income as a new line item in the outstanding invoice. Edit that the outstanding, add a new line for the interest, assign the amount for the interest income (chart of account), and as of the tax rate, use "Tax Exempt".

 

Julius Corpuz