Objective:
- Interest after grace period
- Interest too soon
- Multiple interest charges
Environment:
- Clio Manage
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 Payment Profile has 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 46 (Due to the interest period in your payment profile).