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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.
yyyy-mm-dd
Check Date
The date a check was written for the proper invoice amount.
yyyy-mm-dd
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