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Late Payment Calculator

updated November 2018


Billing/Received Date
The date a proper invoice is received or the product is accepted, whichever is later.
Check Date
The date a check was written for the proper invoice amount.
Supplier Payment Period
The number of days contractually allowed by the supplier for payment.
Invoice Amount
The amount which appears on the invoice.

Days Overdue
(Check Date) - (Billing/Received Date) - (Supplier Payment Period) - 1
Total Interest Due
Interest is compounded every 30 days.
Interest less than $10.00 per invoice is not paid.
Total Amount Due
Invoice Amount + Interest






Interest Rate defined by Ohio Revised Code 5703.47

Prompt Payment: Calendar Year 2019 Interest Rate for Late Payments to Suppliers, October 30, 2018 (PDF)

Monthly Compounding Interest Formula
Interest Rate for Payments less than 30 days overdue