200.8 - Statewide Accounting Policy - Interest and Penalty Fee

Policy Area:  Accounts Receivable
Policy Sub Area:  N/A
Authority:  GS 147-86.21 and GS 147-86.23
Effective Date:  7/1/1995
Last Revision Date:  N/A
Policy Owner/Division:  Statewide Accounting

Policy

State agencies will develop and implement internal policies and procedures to charge, as directed and in the manner prescribed by State Statute, interest and a late penalty fee on past-due accounts receivable. Interest shall be charged at the rate established pursuant to G.S. 105-241.21 on a past due accounts receivable from the date it was due until it is paid. Agencies should contact the Department of Revenue, to obtain the rate currently being charged. A late payment penalty fee of no more than ten percent (10%) of the accounts receivable shall be charged on all past due accounts. 

Procedures

N/A

Accounting Guidance

N/A

Related Documents (Memos/Forms)

N/A

Revision History

• None to date