Calculate interest

Calculate interest using Passare's Interest feature.

Don't see this feature? Email support@passare.com or call 1-800-692-5111 to get this feature turned on.

Settings

Go to Admin > Financials > Interest.

Admin settings > Interest

 

Enter rate, when to accrue, and calculation method.

Interest settings

 

Select your interest account from the Transaction account dropdown.

Transaction account dropdown

If there is not already an Interest transaction to select, contact our Support team at support@passare.com or 800-692-5111 for help.

 

Apply interest to a case

Go to Financials > Interest.

Financials > Interest

 

All cases with a signed contract that match the criteria you've defined will appear.

Select the case(s) you'd like to apply interest to or use the select all option in the header.

Interest page

 

Once a case is selected, 3 fields appear with defaulted information:

  • Interest rate - determined in your backend settings
  • Interest this period - dollar amount to charge, based on rate and contract amount
  • Apply interest through - end date for interest period 

You can manually adjust this information, and Passare will show it as (Adjusted).

Apply interest fields

 

After making any adjustments, click Apply interest.

Apply interest button

 

When you've applied interest to a case, that date will appear under the Interest last applied column.

Interest Last Applied column

 

The interest charge is then added to Payments & Adjustments page. Select the case identifier to quickly access the case.

Case identifier from Interest page

P&A page with Interest charge

You can also delete charge from the case by clicking the gear icon > delete.

Delete transaction

To manually calculate interest per case, check out Enter Payments & Adjustments.

 

Commonly asked questions

Q: How is interest applied after the first calculation?

A: You can only apply interest on days that occur after you last applied interest. For example, if interest was applied from January 1-7, you are then only able to apply interest after January 8.

 

Need more information?

Need Help? Email us at support@passare.com or call 1-800-692-5111!