Download our Overdue Invoice Interest Template

Download our Overdue Invoice Interest Template

Late payments are costly and you have a right to charge overdue interest - calculate how much.

Available in Excel or Google Sheets.

Trusted by industry leaders

WHAT

What is an Invoice Overdue?

What is an Invoice Overdue?

An invoice is overdue when the payment hasn't been received by the specified due date. Overdue invoices may result in follow-up reminders, and businesses may apply late fees or interest as outlined in the invoice terms. Managing overdue invoices is crucial for maintaining a steady cash flow.

In the template, you’ll need to specify the invoice details for the overdue invoice to be calculated and the late payment fee to be determined.

WHY

Why is an Invoice Overdue important to manage?

Why is an Invoice Overdue important to manage?

Invoice overdue is a mechanism to get customers to pay on time which is crucial to maintaining a healthy cash flow.

Healthy cashflow is essential for small business owners to ensure they can plan ahead effectively and have money available in case of an emergency.

Mimo automatically keeps track of customer payment behaviours and account receivables with a get-paid platform, while giving you tools to take action accordingly.

HOW

How do I complete my Overdue Invoice Interest calculation?

How do I complete my Overdue Invoice Interest calculation?

There are four key components of the Invoice interest overdue calculation:

1. Invoice date and due days: Fill in when the invoice was sent and what the agreed number of due days is. If there is no specified amount of days, 30 days is applied.

2. Fill in the invoice amount:
Total amount including VAT

3. If any partial payment has been made in time:
Fill out how much and when

4. Interest rate:
Apply the current Bank of England interest, link available in the tool

Total invoice overdue and reminders fee is calculated.

Mimo - one tool for global payments & cash flow

Mimo - one tool for global payments & cash flow

Mimo gives full insight and control over invoice payments & cash flow. So you can save time, save money and proactively access & manage capital.

REVIEWS

REVIEWS

Don't just take our word for it

Don't just take our word for it

Don't just take our word for it

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Omim Technology Ltd is a distributor of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 – for more information please see this link.


Payment services for Omim Technology Ltd. are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199)