Have you heard? We acquired Lexicata in the first milestone to creating a more advanced client engagement platform. Read more here.

KCS - When will Interest Start Accruing?

Objective:

  • Interest Accrue 
  • Applying Interest to Bills 

Environment:

  • Clio Web App
  • Settings> Billing> Payment Profile 

Additional Information:

n/a

Answer:

  • While interest is being calculated on the bill during the grace period, the initial interest charge will not appear on the bill until it has been approved and the due date has passed. The initial interest charge will be calculated for the number of days between the issue date and the due date or approve date (whichever comes last).

  • If you are back dating a Bill, it will take 24 hours for the interest to apply. 
Was this article helpful?
This information is confusing or wrong
This isn't the information that I was looking for
I don't like this functionality