Introduction

Late Payment Interest Settings

1. Yearly Interest Rate
   Enter the applicable interest rate (% per annum).  

1. Effective Late Payment Interest Start Date
   Set the first day to charge LPI for first time interest billing in i-Account. By default, LPI is calculated starting from the day after the invoice Due Date. However, if the Effective LPI Start Date is set to a date later than the invoice Due Date, LPI will begin from that later date.

2. Payment Terms
   Set the payment terms for the LPI invoice. Select ‘Immediate Payment’ to make the due date the same as the invoice date.
3. Set Bill Date same as Cutoff LPI Chargeable Date
   Tick the box to set the Bill Date the same as the Cutoff LPI Chargeable Date.
4. Display Item name & period on invoice
   Enable this option to display the Item Name and period (as shown on the original charge invoice) on the LPI invoice.
5. LPI Chargeable Customer Group
   Set the applicable customer group(s) for LPI billing. Choose from the dropdown menu and click the “+” icon to add the group.

1. Charge Date
   Choose whether to charge interest on all available overdue invoices (All Dates) or only on invoices billed from a specific date onwards (From Certain Date). For example, if you select "From Certain Date" as 1st June 2025, only overdue invoices dated 1st June 2025 and later will be subject to late payment interest, while invoices dated before this will be excluded.
2. Grace Period
   Choose whether to offer a grace period, i.e., to waive interest if invoices are paid after the due date but within the grace period. For example, if you set the 'Paid Before Date' as 1st June 2025, an invoice due in December 2024 but paid in May 2025 will not incur interest. However, if the same invoice is paid on or after 1st June 2025, interest will be applied for the full overdue period (December 2024 until the payment date).
3. Waive LPI if Below Min. Amount
   Enable this option to waive LPI (i.e., do not issue an LPI invoice) during batch billing for individual debtors if the total potential interest amount is below the preset minimum.
4. Waive LPI if Invoice Already Paid During LPI Generation
   Enable this option to waive late payment interest if the invoice has already been fully paid before generating the LPI batch. Interest will not be imposed on invoices paid after the due date, as long as the receipt has been issued and allocated in the system prior to LPI generation. However, if the invoice is only partially paid, interest will still be charged on the remaining unpaid balance.

Select Item Code 203 – Late Payment Interest Charges from the Item dropdown menu.

  

Steps on How to Create Late Payment Interest (LPI) Invoices

Set as “Preset Customer Group” to create LPI batch for the preset customer group(s) that have already been configured at Interest Settings.

Example:

The preset customer group(s) only needs to be configured at Interest Settings during the first time LPI billing at Interest Settings > General Settings > LPI Chargeable Customer Group Setting.

8. Once the invoices have been generated, several icons will be displayed for this batch, as shown below:

Icon	Description
	To view the invoices in PDF format.
	To upload the invoices to i-Neighbour system.
	To delete the whole batch of invoices.

Important Note: Admin must click the upload icon to send the invoices to the owners (both email and app). If Admin does not click upload, the invoices remain only in the accounting system and owners/ residents will not receive any details of the new billing.

Sample of Late Payment Interest Invoice 

Interest Amount = Invoice Balance Due × Annual Interest Rate % × (No of Days Overdue/ 365 days)