Interest: Interest Invoices for Late Remittance Payments

Interest Invoices for Late Remittance Payments

1. Invoices detailing the accrued interest on a remittance payment are automatically generated by the platform.
2. Remittance payments are due at the end of the term, a set number of days after the work period. However, they are allowed a grace period of a specified amount in addition to the term; if the payment is received within the grace period, there will be no interest invoice generated.
3. If a remittance payment is received after the end of the designated grace period, interest will be charged, starting at the end of the term period, not at the end of the grace period. When the remittance payment is submitted the platform will automatically generate and send an interest invoice that includes the interest accrued from the end of the term period until the payment was made.
4. Interest line items on the new interest invoice are calculated per fund.