Calculate interest using Passare's Interest feature.
Don't see this feature? Email support@passare.com or call (800) 692-5111 to get this feature turned on.
Configure interest settings
Go to Settings > Financials > Interest.
Enter rate, when to accrue, and calculation method.
Select your interest account from the 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.
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.
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).
After making any adjustments, click Apply interest.
When you've applied interest to a case, that date will appear under the Interest Last Applied column.
The interest charge is then added to Payments & Adjustments page.
Select the case identifier to quickly access the case.
You can also delete charge from the case by clicking the gear icon > delete.
To manually calculate interest per case, check out Enter Payments & Adjustments.
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 (800) 692-5111!