Enable interest settings

Contents

Specify the global interest settings

Settings - Jobs & Billing

Before you charge interest, you should specify your interest rate and period. To save you time, you can also specify whether or not you will be charging interest to most of your clients.

  1. Click Settings > Jobs & Billing.
  2. Click General Settings.
  3. Click the Accounts Receivable tab.
  4. Type the required Default Interest Rate %.
  5. Select the default Interest period from the drop-down list.
    • If you select From Due Date, interest will be calculated once the invoice is overdue.
  1. Choose one of these options:
    • Select the Charge interest button, if you are going to charge interest to most of your clients. This will set the Charge Interest field under the Billing Details panel in Contacts to Yes for all client records. If you have a particular client who you will not be charging interest to, you can change this field to No.
    • Click the Don't Charge Interest button if you are only going to charge interest to a few of your clients. This will set the Charge Interest field under the Billing Details panel in Contacts to No for all client records. If you have a particular client who you will be charging interest to, you can change this field to Yes.
  1. Click Save.

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Change the interest rate for a client

Contacts - View, Add and Edit Contacts

You can also change the default interest rate and period for a particular client. If you clicked the Charge Interest button in the global settings as the default for all clients, you can change a select few client profiles so that they are not charged interest.

Tip: If the list of clients that is charged interest changes monthly, or regularly, always ensure that you have flagged the relevant clients before you trigger interest calculation in the Accounts Receivable module.
  1. Click Contacts > All Contacts.
  2. Click the required client record.
  3. Click the Edit details button on the Billing Details panel of the Summary tab.
  4. Select Yes or No from the Charge Interest drop-down box in the Billing section.
  5. Change the default interest rate.
  6. Change the default interest period.
    • If you select From Due Date, interest will be calculated once the invoice is overdue.
  1. Click Save.

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