Late payment calculator

How late an invoice actually is, and what interest that adds up to at a rate you supply. Useful before a phone call, and for knowing what a slow payer is really costing.

The invoice

Amount still owed

Currency

Payment was due

Working it out as at

Interest rate a year % Whatever your contract or your jurisdiction gives you.

Compound it daily

Working it out…

This is arithmetic, not advice

Billkeep does not know what rate you are entitled to charge, what your contract says, or what your jurisdiction allows — the same line it holds about tax. It applies the rate you type and nothing more. Check the figure before you put it in front of a customer.

Before you charge it

Should I actually add interest?

Often the number is more useful than the charge. Knowing an invoice is 64 days late and costing you £34 makes the conversation concrete, and most people pay after a polite, specific reminder rather than a penalty. Whether you are entitled to charge, and at what rate, depends on your contract and your jurisdiction.

Simple or compounded?

Simple interest is the usual answer for a commercial invoice and is what most statutory schemes use. Compounding daily is here because some contracts specify it. If you are unsure, simple is the safer figure to quote.

Which day does it start from?

This counts whole days from the day after payment was due. Dates are treated as calendar days rather than timestamps, so a time zone can never move a due date by one.

What is the daily figure for?

It is the sentence that tends to work: "this is adding about 53p a day". Concrete, small, and it makes the cost of another week obvious without any threat attached.

Or let the app keep track of who is late

Billkeep works out lateness from the payments you recorded, buckets it by how old the debt is, and writes the reminder for you.

Open Billkeep How chasing works