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How To Add Interest to Existing Outstanding Bills

Objective:

  • Charge Clients interest on Overdue Bills
  • How to add interest to outstanding Bills
  • How to apply interest to previous Bills
  • How to add interest to previous Bill generated

Environment:

  • Clio Web 
  • Bills

Additional Information:

  • Clio automatically calculates and applies the appropriate Interest on all Bills daily (at midnight, when the date changes) and backdated Bills will be updated to include the correct amount of Interest when that happens.
  • Please note that interest will not accrue in Draft Bills; the Bill must be approved first

Procedure:

This article assumes that Interest is being added to Bills after they have become overdue and that a Payment Profile was not previously assigned to a Contact, or was changed after the Bill was generated.

  1. Ensure that a Payment Profile has been created and assigned to the Contact (Payment Profiles with Interest)
  2. Click on Bills > Bills sub-tab > filter by Awaiting Payment 
  3. Click on the ID# of the Bill to View your Bill Details
  4. Record all relevant details needed to "re-create" it (Client, Matter number, Issue Date, Due Date, Invoice Total, Line Items Date Range, Bill Total)
  5. Click on More Actions and Void the Bill (How to Void Bills)
  6. Go to Bills > Billable Clients sub-tab
  7. Use the Filter on the right-hand side for the Client, Matter Number, and Activities date range recorded in step 3
  8. Check the box beside the Client name or Matter name
  9. Scroll up and click Generate button
  10. Backdate the Due Date and Issue Date to the original Invoice and if applicable, apply Taxes
  11. Click on Generate Invoices 
  12. Go to Bills > Bills sub-tab > filter by Draft Bills
  13. Review Invoice in Draft and ensure the Total owing matches the original Invoice
  14. To re-number the newly generated bill, click More Options > Edit and record the appropriate ID# field 
  15. Click Save on the bottom-left to continue 
  16. When you are ready, click on More Actions > Approve to change the Bill state from Draft to Awaiting Payment 
  17. Clio automatically calculates and applies the appropriate Interest on all Bills daily (at midnight, when the date changes) and backdated Bills will be updated to include the correct amount of Interest when that happens
  18. Set a reminder for yourself tomorrow to share the bill with the client 

 

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