How can I create a finance charge for overdue invoices?

First, go to the "Accounting" Tab.

Go to the "Adjustments' Sub Tab.

Click the "Finance Charges" link.

You can apply finance charges to overdue invoices on this page.

First, select the finance charge date (this will pull up a list of overdue invoices thru the date you select) and click the “Show” button.

A list of overdue invoices will appear. Put a check mark next to any invoices you want to create a finance charge for, then click the “Create Finance Charge” button.

A new window will appear with an invoice (or windows will appear for multiple invoices if you are creating charges for multiple clients). The invoice will show the amount of the finance charge. You can email this finance charge invoice to the Client by clicking the “Email” button. You will see a message: “Finance Charge Saved Successfully” at the top of the “Accounting” Tab, “History” Sub Tab Invoice List.

Please Note: the finance charges used here are taken from either:

1) The default Firm Level Finance Charges (editable in the “Admin” Tab, “Invoice Setup” Sub Tab), or

2) The individual Client Level Finance Charges (editable in the “Client” Tab, “Invoice Setup” Sub Tab, “Finance Charge Settings” Area).

A Few Important Notes: 

Any finance charge settings at the Client level will override your Firm-level finance charge settings. You can charge Finance Charges on Finance Charges (charge interest on the interest).In other words, you can create a finance charge invoice for an outstanding, overdue finance charge invoice.

Time and Billing will only let you charge Finance Charges for those periods time on an invoice that have not been already been given a finance charge.