Calculation record · 5 minute guide

What to record before using a late-payment calculator

A calculator can show arithmetic from the inputs provided. It cannot decide whether a rate, cost or remedy applies to a particular invoice.

This page does not state a current statutory rate, decide eligibility or tell a user what to claim.

Start with the balance record

Record the original invoice amount and each payment, credit or correction that changed the balance. Keep the source for every change.

Record the date inputs

Use the due date shown by your underlying record and the calculation date you selected. If the due date is uncertain or disputed, flag that issue before relying on the result.

Treat the rate as an assumption

Record the rate entered, why it was selected and who checked it. Do not present a calculator default as a conclusion that the rate applies.

  • Principal balance used
  • Recorded due date
  • Calculation date
  • Rate entered and its source
  • Payments or credits reflected

Keep the result with its inputs

Save or copy the result together with the assumptions and calculation date. If an input changes, produce a new calculation record rather than overwriting the earlier one.