When charging interest on overdue invoices, it would be helpful if Timeslips could recognize that no interest has been charged to date, then base the interest calculation off the invoice date, plus the grace period, for each invoice instead of using the last billing date for all. The current set up can result in erroneously low interest charges as it doesn't properly account for the earlier dates. After the initial interest charge is processed, it would then calculate future interest fees based on the last date interest was calculated. For example, I have an invoice that was issued in 3/1/17 for $100k and another that was issued 11/1/17 for $50k. I have not been charging interest (8% simple apr, 30 day grace period) as a courtesy, however, since they are slow to pay, I would like to send an invoice with the interest to date. The current set up does not recognize that no interest has been charged and would only charge interest on the oldest invoice as of the last billing date, basically treating all the invoices as if they were issued on the November bill date. So rather than giving an accurate balance due of $5,928.77, it creates an interest charge of $558.90. Preferred option: 3/1/2017 100000 3/31/2017 5,742.47 11/1/2017 50000 12/1/2017 186.30 Current Set-up: 3/1/2017 100000 3/31/2017 372.60 11/1/2017 50000 12/1/2017 186.30 Giving users the ability to adjust this would be a huge help!
↧
