In Poland, two types of interest rates are used:
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Tax interest rates, also referred to as statutory interest rates, which are specified by the Ministry of Finance.
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Free-hand interest rates, which are negotiated between the vendor and the customer.
Note
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Free-hand interest may or may not be calculated, based on the agreement between the customer and the vendor. However, tax interest calculation is mandatory. |
Generally, the vendor sets the settlement period of not longer than 30 days. However, the following situations can arise:
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If the vendor and customer agree on a settlement period longer than 30 days or if the settlement period is not set, then free-hand interest can be calculated from the 31st day until the due date. Alternatively, tax interest can be calculated until the date of payment.
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If the settlement period is less than 30 days, the vendor can calculate tax interest from the due date until the date of payment.
You can define the parameters for interest calculation in Accounts receivable parametersform.
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Click Accounts receivable> Setup> Parametersto open the Accounts receivable parametersform.
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On the Interest and collection lettertab, in the Interest calculationfield, select the transactions for which interest is to be calculated.
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Press CTRL+S or close the form.
