Late-Payment Interest & C
Statutory late-payment interest + fixed compensation on overdue UK invoices
Under the Late Payment of Commercial Debts (Interest) Act 1998, a UK business can charge statutory interest (Bank of England base rate + 8%) plus a fixed compensation amount on overdue commercial invoices — and most simply forget. This module calculates it for you, pro-rated across base-rate changes, and turns it into a customer debit note you can issue with one click.
Key Features
Base-Rate History
Date-effective Bank of England base-rate records. The statutory rate is base + a configurable margin (default 8%), so calculations stay correct as rates move.
Accurate Interest
Per-invoice interest = days overdue × daily rate × outstanding amount, pro-rated across every rate change during the overdue period.
Statutory Compensation
Fixed compensation banded by outstanding amount (40 / 70 / 100 GBP by debt size), fully configurable with your own bands and thresholds.
Charge Workflow
Draft, confirmed and invoiced states with a full audit of the calculation, plus optional creation of a customer debit note (account.move) on its own journal.
Batch Scan
A wizard scans every overdue, unpaid customer invoice and raises charges in one click, with a minimum-amount filter to skip trivial sums.
Chasing Letters & Cron
Generate a chasing letter for a charge, see per-customer late-charge totals, and let a daily cron refresh outstanding interest automatically.
Screenshots
Boe Base Rates
Chasing Letter
Compensation Bands
Late Charges
Scan Overdue Invoices
Why Choose This Module
Date-effective Bank of England base-rate records. The statutory rate is base + a configurable margin (default 8%), so calculations stay correct as rates move.
Specifications
- Compatible: Odoo 18.0 / 19.0
- License: OPL-1
- Languages: English
- Author: Pokutsoft
- Dependencies: account
- Support: support@pokutsoft.com
Update date: 2026-07-02