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How do I Generate Simple Interest on Balances Carried Forward from my Previous Software?

Objective:

  • How do I Generate Simple Interest on Balances Carried Forward from my Previous Software?
  • How do I Generate Simple Interest on Outstanding Balances from my Previous Software?

Environment:

  • Clio Manage 

Additional Information:

  • Please note that if you follow the steps below you will need to wait until the next day to see that the Bill has updated with the back dated Interest
  • To easily filter for these Outstanding Balances when you're creating a Bill, add the Outstanding Balance Time Entry on the same day and then filter by the Activities Date Range on the Billable Clients page
  • Please note that Interest will not accrue on Draft Bills, only on approved Bills. 

Procedure:

  1. Use the instructions in this article to Generate a Payment Profile with Simple Interest
  2. Use the instructions in this article to Carry Over Outstanding Balances into Clio
  3. Generate a Bill for the Outstanding Balance
  4. Backdate the Due Date and Issue Date to the original Invoice and if applicable, apply Taxes
  5. Review Invoice in Draft and ensure the Total owing matches the original Invoice
  6. To re-number the Invoice number to match the original Bill, click Edit and record the appropriate Invoice Number before saving

 

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