KCS - Why am I seeing an Interest Charge on my Bill before my accrual period?

Objective:

  • Interest after grace period
  • Interest too soon
  • Multiple interest charges

Environment:

  • Clio Web App

Additional Information:

n/a

Answer:

It's possible this has to do with your Grace Period and your accrual period conflicting.

The way Interest Calculations are set up to work is that once the Grace Period has passed, an unpaid bill will accrue it's first interest charge. All interest calculations thereafter are based on the interest period established in the payment profile. 

For example, if your Interest profile is a 15 day grace period, set to accrue interest every 30 days; You will see an interest charge on day 16 (for the expired Grace Period), and again on day 31 (Due to the interest period in your payment profile).

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