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SeroBooks
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Interest on overdue invoices, the way the Interest Act allows

Charging interest on late payment is legal, common, and almost never done properly by small-business software. SeroBooks assesses finance charges from an annual rate — the form the Interest Act requires — with grace days, a per-customer minimum, a choice of due date or invoice date, and no compounding. The preview is the screen: you see every charge before any is raised. The charge posts to its own income account with no tax leg.

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What you get

✓
Annual rate, stated
An annual rate with grace days and a minimum charge; from the due date or the invoice date, per customer.
✓
Never compounds
Interest is assessed on the principal outstanding, not on earlier interest — the line accountants and courts both draw.
✓
Credit limits on screen
The customer's credit position — limit, balance, available — is on the selling screen, and a refused credit sale is a refusal, not a number.
✓
Apply a credit note across invoices
Open credits are applied from the invoice they should settle, so a refund and a re-sale do not leave two open documents.
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Why the annual rate matters

Canada's Interest Act says that where interest is expressed as anything other than an annual rate — '2% per month', say — the lender may only collect 5% per year. Software that lets you type a monthly percentage is inviting a charge you cannot enforce. SeroBooks asks for the annual rate and prints it that way on the statement.

Frequently asked questions

Is finance-charge income taxable for GST?

Interest is a financial service and exempt; the charge posts with no tax leg by design.

Can I preview before raising anything?

The preview is the screen. Nothing is raised until you confirm the list you are looking at.

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