The Interest Grace Period controls when interest will begin to be accrued for an overdue invoice.
There are two options:
With the None option, interest will be calculated from the date of the invoice once the invoice becomes overdue.
With the Through Due Date option, interest will be calculated from the due date of the invoice once the invoice becomes overdue.
Consider the following scenario for the None Grace Period option:
Invoice Date: 6/1/2014
Invoice Due Date: 6/30/2014
If interest is generated on 7/15/2014 then interest will be calculated for the period from 6/1/2014 through 7/15/2014.
Similarly for the Through Due Date Grace Period option:
Invoice Date: 6/1/2014
Invoice Due Date: 6/30/2014
If interest is generated on 7/15/2014 then interest will be calculated for the period from 7/1/2014 through 7/15/2014.
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