How to calculate late payment interest? - CaseFox

How to calculate late payment interest?

When a late payment interest amount is added to a client under Clients - View Client/Edit tab, the system will calculate interest when an invoice is downloaded (i.e., PDF icon is clicked ) meaning on that date and interest is calculated on all unpaid balance. The system will start from the oldest unpaid amount and calculate interest, then the system will iterate through all other unpaid invoices and calculate interest on unpaid balances. Finally it will total it up and show the interest charges on the downloaded invoice.

To add yearly interest rate to new client

1. Login to CaseFox.
2. Go to the "Clients" tab present on the navigation bar.
3. Click on the button "Add Client".
4. Mention the desired interest rate in the form below.

To edit yearly interest rates for current clients:

1. Login to CaseFox.
2. Go to the "Clients" tab present on the navigation bar.
3. Click on the client whose yearly interest rates you want to update.
4. Mention the desired interest rate in the form below.



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