I am wondering if anyone adds interest to outstanding non-folio AR invoices?
In Revelstoke we add interest to unpaid AR invoices (trade AR). I believe it is 1% per month.
I like that idea, do you have it in a Bylaw Sheanna?
We charge 1.5% per month and it is in our Fees and Charges Bylaw.
From The District of Summerland Fees & Charges Bylaw.
To charge interest, compounded monthly on overdue accounts,
Interest per month 2%
The City of Campbell River is looking at adding an AR Interest Fee to our Miscellaneous Fees and Charges Bylaw. Curious to know what rate some other municipalities are charging?