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Here are some quick facts...
Interest in Time59 has been designed to be uncomplicated and easy to use.
You can set up some or all of your clients to have interest generated on their past due accounts.
You can set up different interest rates for different clients as needed.
When you run the Update Interest process all of the math is done for you.
How do I get started with Interest in Time59?
The first step is to set up an Interest Profile record. You can do this on the Interest Profile Maintenance menu item.
An Interest Profile allows you to specify basics like whether the interest will be simple or compound, the interest rate, and how often interest should be calculated.
Once you have created an Interest Profile you can assign it to a client and that client will have interest calculated on their past due amounts according to the rules specified in the Interest Profile.
(Note: To assign an interest profile to a client you need to edit the client record and select a profile from the dropdown list. You need to do this for each client who will have interest.)
You can use one Interest Profile for all of your clients or you can create multiple Interest Profiles to calculate interest differently for different clients.
How do I actually generate interest amounts?
Once you have created an Interest Profile and assigned it to a client, Time59 has what it needs to calcuate interest for you.
To calculate interest run the "Update Interest" process located on the Invoicing & A/R tab.
Time59 will automatically calculate all pending interest using the due date and current amount due on your invoices and the rules defined in the Interest Profile.
On the "Update Interest" form you will also find the "Interest Preview List" that will show you the pending interest due to be generated. You can also run this list for future dates.
You may contact us using the Feedback form or at email@example.com.