Problem
Invoices that are overdue by 30 days or more need to have a 1.5% late fee applied for every 30 days they remain unpaid. You want to automatically apply this fee to these invoices.
Solution
While there is no option to automatically do this, you can manually charge interest in bulk using the following steps:
On the navigation bar and click on Accounting.
Click the Select a batch dropdown and select Create a new batch.
Enter a batch name and click OK.
When finished, click Save. A batch number is automatically assigned to the batch.
Select the invoices for which you want to apply late fees.
Click the batch selected option to add these to the batch.
Make sure the batch you created is still selected in the dropdown and click Charge Interest.
On the Charge Interest popup, enter the Interest Rate, Task Code, and Invoice Date.
Note: By default, all invoices with an outstanding balance in the batch are selected in this popup.
Click Create Invoice Adjustments.
New invoices with interest charges are generated.
Currently, there is no automation rule to apply a discount or fee on an invoice. The fee would need to be manually done/checked up on by an employee every 30 days. For more, see Charge interest.