I must have the settings on our interest set up incorrectly, but I'm not sure where the error is. I currently have interest set at 30 days with 0 days grace period, of 10% annual (.8333% per month). We just established our Timeslips in January so my first bills were sent January 26th, second bills on February 27th, and now 3rd bills go out today on 3/27. On this month's pre-bills, which were printed 3/24, clients who had a balance in January, did not pay that balance, and then who received a bill in February with interest on the overdue balance, and then paid their balance in full in March are showing continued interest accrued on their January balance, even though it's now paid off. It's confusing to me that they got another bill in February, paid that amount in March, and now the system is trying to charge them interest for March on a $0 balance. If that's not making sense, here's an example: Client billed 1/26 for $45 No payment made in February Client billed 2/27 for $45 overdue payment, plus 0.39 interest, plus $472.50 new charges, totaling 517.89 Client paid $517.89 in full on 3/20 His pre-bill shows $0.26 interest on the $45 charge from 1/26, and it says "Days Due" are 21 It seems like once the balance is overdue, it's accruing interest EVERY DAY instead of on a once-a-month cycle. I want it set up so that, if an overdue balance is paid off during a particular month, no interest is accrued for that month at all. Any advice is appreciated!
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