startCharge Interest
How To

Charge Interest

CCH iFirm Time and Fees
Last update: Reading time 2 minutes
Receipts

    Security role required: Receivables - View, Add and Edit Transactions

    Charge Interest

    You can apply interest charges to all clients flagged up to have interest charged to them. Depending on your settings, interest charges will be applied after the due date, or every 30, 60, or 90 days or more. For example, if you select 30 days, interest will be charged on any debt that is over 30 days overdue.

    Note: The interest being calculated in receivables is compound interest.

    Apply interest charges

    When you charge interest it will be applied at the rate specified under the Settings > Jobs & Billing > General Settings > Receivables tab, unless a custom rate for a client has been entered. Before you apply interest, ensure that all your payments have been entered (so you do not charge interest on amounts that are no longer due), and all the invoices that you want to be considered in the interest calculations have been finalized.

    CCH_iFirm_Practice_Management_Charge_Interest_1A.png
    1. Click Jobs & Billing > Accounts Receivable.
    2. On the Accounts Receivable page, select the billing entity, if required.
    3. Click Calculate Interest in the Interest panel.
    CCH_iFirm_Practice_Management_Charge_Interest_1.png
    1. Click Yes to confirm.

    View interest transaction

    When you run your monthly interest calculation, an interest transaction is created for all relevant clients that are flagged for interest calculation. You can view the interest transaction in the Accounts Receivables Transaction page.

    CCH_iFirm_Practice_Management_Charge_Interest_2.png

    The next time you add a transaction, the interest transaction will be listed as an outstanding balance, and you can allocate the payment to the interest.

    CCH_iFirm_Practice_Management_Charge_Interest_4.png

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