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Customer pays unwanted interest


A foreign government customer has decided to automatically pay us some interest on an invoice that was paid within our normal terms payment time. We are guessing they stipulated better payment terms than we quoted. It’s a small amount. How do we best account for it in QuickFile? We don’t really want it as an outstanding credit to them; their systems wouldn’t be able to cope if we deducted it from the next invoice to them. Refunding would probably also break their system and anyway would cost more to us to do so than the amount itself. As it would appear to them that we have agreed their terms, shall we just create a separate invoice for it and job done? Any ideas from those more experienced, please?



Hi @jwf,

I personally would agree with your thoughts - generating an invoice which isn’t sent to them to balance the account. I am however not an accountant so it may be best to get some professional advice :slight_smile:

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Thanks, Beth. I have been advised to put it to an account called, ‘Other interest’. So I have created another interest account and tagged it to there. Job done.



Fab! Glad you got your answer :slight_smile: