Our new automated Interest Calculations feature has rolled out to great fanfare from our user base, and we’re happy to give you an introduction to the features.
To enable Interest Calculations, you’ll first want to set up your Payment Profiles. Payment Profiles are where you specify the terms of your payment for groups of customers. Payment Profiles include grace periods, early payment discounts, and interest terms.
To set up your payment profile, visit your Payment Profiles page by navigating to Bills > Settings > Payment Profiles, or visit this link.
There is no limit to the number of profiles you can set up for clients, so you can create a profile for any specific payment terms your firm uses.
Next, you’ll want to apply the relevant Payment Profile to your specific client. To apply the Payment Profile, do the following:
- Visit the client’s contact card within Clio.
- Click the ‘Edit’ link.
- Scroll to the bottom of the contact record, where ‘Contact Billing is displayed, and you’ll see the option to apply the Payment Profile there.
No further work is necessary.
When you generate invoices for this client in the future, they’ll operate under the terms specified in the Payment Profile. If any early payment discount has been chosen, the discount will automatically be applied if payment is applied within the grace period. When a bill is overdue, an interest charge will be automatically generated according to your specified terms and appended to the existing bill.