The Late Payment Calculator
An invoice went past its due date. This works out what the delay has cost, day by day, so the reminder you send has a figure on it.
The invoice and the delay
Everything is worked out in your browser. No figure is sent anywhere.
How to work out interest on a late invoice
- Enter the amount of the invoice and the date it was due.
- Enter the date it was paid, or leave today's date to see what is owed now.
- Enter the rate you are entitled to charge, and any fixed recovery cost.
Frequently asked questions
What rate can I charge?
That depends on where you are and what the contract says. Many countries set a statutory rate for commercial debts, typically a central bank reference rate plus eight percentage points, and allow a fixed sum for recovery costs on top. Your terms may set a different rate. FinKit does not ship a rate because the reference rate it is built on changes every few months.
How is the interest worked out?
Simple interest on a daily basis: the amount, times the annual rate, times the number of days late divided by 365. It is not compounded, which is how statutory late payment interest usually works.
Can I add it to the invoice?
Usually yes, if your terms or the law where you are allow it. Use the invoice generator to issue a fresh document for the interest and the recovery cost, with the original invoice number in the reference field.
Is this legal advice?
No. It is arithmetic. What you are entitled to charge, and whether to charge it at all, is between you, your contract and your adviser.
More free tools: Invoices · Loan · Savings · Percentage · Discount · Margin · VAT · Income tax · Salary · Freelance rate · Debt payoff · Affordability · Break-even