How to calculate late payment interest?

When a late payment interest amount is added to a client under Clients -

View Client/Edit tab, the system will calculate interest when an invoice is downloaded (i.e., PDF icon is clicked ) meaning on that date and interest is calculated on all unpaid balance.

The system will start from the oldest unpaid amount and calculate interest, then the system will iterate through all other unpaid invoices and calculate interest on unpaid balances. Finally it will total it up and show the interest charges on the downloaded invoice.

To add yearly interest rate to new client

Login to CaseFox.
After logging in, you'll be prompted to the dashboard.
From the dashboard go to the left sidebar, select clients.
Click on the button “Add Client”
Mention desired interest rate in the form below.

To edit yearly interest rate for current clients

Login to CaseFox.
After logging in, you'll be prompted to the dashboard.
From the dashboard go to the left sidebar, select clients.
Click on desired client, go to edit option on the top right.
Mention desired interest rate in the form below.

Updated on: 24/04/2023