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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:

  • 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.
  • 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:

  1. Ensure that a Payment Profile has been created and assigned to the Contact (Payment Profiles with Interest)
  2. Click on Bills > Awaiting Payment 
  3. Click View below the overdue Invoice
  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. Void the Invoice (How to Void Bills)
  6. Go to Bills > Billable Clients
  7. Filter for the Client, Matter Number, and Activities date range recorded in step 3
  8. Check the box beside the Client name and click Generate
  9. Backdate the Due Date and Issue Date to the original Invoice and if applicable, apply Taxes
  10. Review Invoice in Draft and ensure the Total owing matches the original Invoice
  11. To re-number the Invoice number to match the original Bill, click Edit and record the appropriate Invoice Number before saving
  12. 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.

 

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