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Does Interest Accrue per Bill or for a Client's Total Outstanding Balance?

Objective:

  • How does interest apply with multiple bills due?

Environment:

  • Clio Manage

Additional Information:

  • Please note: Clio automatically calculates and applies the appropriate Interest on all Bills daily (at midnight, when the date changes) and backdated Bills will be updated to include the correct amount of Interest when that happens.
  • Interest will not accrue on Draft Bills; the Bill must be Approved first
  • For more information see: How to Add Interest to Existing Outstanding Bills

Answer:

Interest is applied bill by bill.

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