For various reasons, delays in payments often occur in business life. Most of them are extinguished in working order and do not attract special attention of accountants. However, it is also not uncommon for the counterparty to make such delays on a regular basis. In this case, a penalty is prescribed in the contracts as a way to compensate the injured party for the untimely return and use of its money.
Instructions
Step 1
If a penalty is clearly indicated in the document signed by the parties, then it is not difficult to calculate the penalty under the contract. In this case, it is calculated on the basis of the specified conditions, which include its value and periods of accrual. Moreover, its size is most often indicated as a percentage, and the accrual period is every day of the admitted delay. Thus, everything is considered quite simple on a regular calculator, based on the amount of debt that has arisen.
Step 2
However, there are times when the possibility of calculating a forfeit is spelled out in the contract, but its size is either not specified, or refers to the refinancing rate of the Central Bank of the Russian Federation. In this case, the contractual penalty will have to be calculated in the following order. Find out the current refinancing rate of the Central Bank. The easiest way to clarify its size is on the official website of the Central Bank.
Step 3
Convert it to a daily rate. Since forfeits are most often charged for each day of delay, you need to know what percentage to increase the amount of debt on a daily basis.
Step 4
Calculate the number of days of delay that has arisen. Days of delay are counted from the day following the last valid payment date specified in the contract. Moreover, they can include both weekends and holidays.
Step 5
After calculating all the values to calculate the contractual forfeit, multiply the received daily refinancing rate by the number of days of delay and by the total amount owed. The resulting value will be a contractual penalty for a specific settlement date.
