How to Set Up Interest Charges and Create Interest Invoices in Eemel.com
1. Set Default Late Payment Interest Rate
To apply an automatic interest rate to overdue invoices:
Go to Settings (gear icon in top menu)
Select Billing Settings
Enter the desired late payment interest percentage in the "Overdue interest %" field
2. Enable Interest Invoice Generation
To turn on automatic interest invoice creation:
Go to Settings → Available Features
Activate "Generate interest invoices" by checking the box
3. Set Customer-Specific Interest Rate
To apply a different interest rate for individual customers:
Go to Sales → Customers
Select the customer and click the pencil icon to edit
Go to Billing Settings
Enable "Interest applicable?" by selecting Yes
Enter the specific interest percentage for this customer
4. Create Interest Invoices Manually
To generate interest invoices for unpaid sales:
Go to Sales → Invoices → Unpaid tab
Select the invoices you want to charge interest for (check the boxes on the left)
Click Sales Ledger Actions at the top
Select "Generate interest invoices from selected (%)"
The system will automatically calculate overdue interest based on:
Invoice due dates
Any partial payments already made