This option allows for the compounding of late charges on invoices; first available in Abacus Accounting version 23.16.2
This option is not normally enabled. Please check the law with your local jurisdiction to make sure it is permitted.
How to Enable Late Charge Compounding:
- File > Setup > Billing Format Codes
- Select a Code > Click Edit
- Click on the ‘Reporting Options’ tab
- Click on the check box next to “Compound Late Charge Interest”.
- The following message will appear:
- Click ‘Ok’.
- Click ‘Done’ if you would like to proceed.
- Late charges on invoices for matters that use the Billing Format Code selected in step 2 will now be compounded.
Repeat steps 1-7 for any other Billing Format Codes you wish to have late charges compounded.