How to add or edit a penalty settings?

Admin can create penalty settings by following given below steps:-

1. Menu >> Accounts >> Invoicing >> Penalty Settings >> Create Penalty Settings.

2. Let take an example of creating a penalty settings for 18% pa on monthly basis.

Enter the Penalty name as “ Late Payment fine of 18% PA on monthly basis" >> Penalty Account “Late payment Fine” >> Threshold Amount is the amount below which penalty will not be applicable, where as Penalty Limit is the total amount above which further penalty will not be added for that invoice (these both limits are optional).

3. Slab configuration - In Slab 1,  Select Penalty type as “ Percentage” >> Enter Percentage as “1.5” >> Penalty Frequency “Monthly” >> Slab Frequency “0” >> Click on Submit

If admin wants to edit the penalty settings below are the steps:
 Menu >> Accounts >> Invoicing >> Penalty Settings >> Click on Edit option against the correspponding penalty you want to edit >> make the necessary changes >> Submit