Payment penalty built into accounts tool
1 April 2005 | 0
Sage has updated its accounting software to support new EU legislation that imposes penalties on late payments for commercial transactions.
Users have the facility to set the program to automatically add the late payment charge to a customer account if payment has not been made within the 30 days specified in the new law.
Sage software can calculate the interest due on a late payment by multiplying the amount of the debt by the number of days in excess of 30 for which the payment is late, and by the daily interest rate in operation at the time.
All products in the Sage Accounting range—Instant, Line 50, Line 100, Line 200 and Line 500—all comply with the new legislation.
Sage: 1800-255 300 (internal/Ireland only)