Currently, user generate late payment interest for SP that pay after the grace period, at the end of the month, after the bank reconciliation.
That would mean after the month end, into the next month.
When an SP pay after the grace period, we are able to calculate the late payment interest immediately and post an entry dated one day before the receiving of the payment.
This will close up the gap of no need to wait until month end to know the amount still owing.
What about those SP that still remains unpaid throughout the month after the grace period?
The usual way of generating the late payment shall remain, to work out the full month of unpaid MF and SF.
Advantage: When request for sect 47. you will be able to produce the statement of accounts very quickly for the requestor.
