Warnings on your Interest Preview List are not cause for alarm. Some simple housekeeping will resolve the issues they are warning you about.
There are two types of warnings:
The two following sections will explain these warnings and tell you how to fix them.
An invoice must have a due date in order for interest to be calculated for it. It is easy to add a due date to an existing invoice.
Here are the steps:
1) Click on the Invoicing & A/R tab.
2) Click on the "Print Or Email An Existing Invoice" button.
3) Select a client and click Next.
4) Click the "GO" button next to the invoice that needs a due date.
5) For "Show More Options?" select "Yes" then click Next.
6) Enter a Due Date for the invoice and click Next.
You are done. When you re-run the Interest Preview List the warning will be gone.
Interest in Time59 is calculated based on the age and balance due of individual invoices.
Sometimes a client's account will have an unapplied credit amount (made up of payments that have been recorded but not specifically applied to invoices).
In order for interest to be calculated properly for the client, the unapplied credit amount must be applied to unpaid invoices.
Here are the steps to accomplish this:
1) Click on the Invoicing & A/R tab.
2) Client on the "Payment Entry" button.
3) Select a client and click Next.
4) For Payment Type select "Apply Unapplied Credit Amount To Invoice".
5) Specify the Payment Date for the payment application and click Next.
6) Payment amounts will be applied automatically to unpaid invoices starting with the oldest item.
7) Click Next.
8) Click Save.
You are done. When you re-run the Interest Preview List the warning will be gone.
You may contact us using the Feedback form or at support@time59.com.