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Why is The Interest on My Bill Showing Less Than It Should be?

Objective:

  • Calculate Bill with Interest Accurately 

Environment:

  • Clio Manage

Additional Information:

Because the interest is calculated annually, but charged every 30 days (this depends on what you choose) it will break the number you input for interest and divide it by 12. For example: If you are trying to add 1.5% interest every 30 days, you will need to enter 18% (1.5 x 12) in order to have 1.5% billed every 30 days. If you enter 1.5% annually at 30 day increments, it will divide 1.5 by 12 and give you 0.125% interest to be calculated every 30 days. 

Answer:

The amount entered in the Payment Profile is incorrect. 

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