How do I add interest without creating an operating balance?

January 30, 2017 no comments

How do I add interest without creating an operating balance?

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JCoy

I’ve been manually adding interest on my invoices every month (and I would love for a feature that automatically calculates this because it makes billing take three or four times longer than it should) however I have found that if there is a payment on the invoice the system deletes the payment and creates an operating retainer and then I have to go back and re-apply the operating retainer to my invoice.  This is a pain, but not in itself a problem – until I run income reports and it shows that a single client has paid 1,200 that month when it was actually paid four months ago.  Since the payments are essentially removed I now have to manually go through all of our payments for the month, remove the charges that didn’t actually occur that month, and then I have to manually calculate income and profit.

 

Is there an easier way to do this or a quick fix that I’m not aware of?  I tried adding interest as a soft cost instead but that made calculating interest too complicated.  Can you alter the billing screen so that late fees/discounts/finance charges can be applied without erasing prior payments? Even better – do you have a timeline for auto-calculating interest?

David Seltzer answered
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    David Seltzer

    Hi and thank you for the question.  When you are applying operating retainers, you can apply a prior date on the payment to match the original date.

    I will put in a request on your behalf to allow fees/discounts etc to be added to invoices without erasing invoices.

    As for the auto-calculating of interest, that feature  is in the pipeline and estimated to be added in the second quarter

    David Seltzer answered
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