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How to Charge Clients Interest on Overdue Bills

Objective:

  • Change the grace period of a Bill
  • Charge interest on a Bill
  • Give a discount on a Bill if a Client pays within a set time
  • Create Payment Profile

Environment:

  • Clio Manage

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.
  • Interest in Clio is calculated based on Client's Payment Profile. For information more on Payment Profiles and Interest, click here
  • Interest will accrue on invoices created after you have already set up a Payment Profile that includes interest. For steps on applying new Payment Profile terms to existing bills, click here.  

Procedure:

  1. Go to Settings
  2. Select Billing
  3. Select Payment Profiles
  4. Select Edit or Create a payment profile
  5. Select a Profile Name, and choose the terms of the Payment Profile
  6. Select Update Profile

 

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