Calculate interest using Passare's interest calculation.
Don't see this feature? Email email@example.com or call 1-800-692-5111 to get this feature turned on.
Turn on Feature: Admin > Organization > Features & Integrations > Check Interest Calculations
Customize interest rate and settings: Admin > Financials > Interest.
Enter Interest Rate (%), When to Accrue (Days), and Interest Calculation Method.
Add in interest transaction by selecting Add Transaction.
Enter in Transaction Name, Case Types applicable, Debit and Credit Accounts. Save.
Select the Interest transaction in the Transaction Account dropdown. Save.
Apply interest to the case
Go to System > Apply Interest.
All cases with a signed contract that match the criteria you've defined will appear under this listing.
Check the box next to each case you'd like to apply interest to. Or, if you'd like to select all cases, check the box at the top right.
Once a case is checked to apply interest, the default Interest Rate, Interest This Period, and Apply Interest Through will appear.
You can manually adjust the Interest Rate or Interest This Period for the case, if needed. If you manually adjust either of these fields, (Adjusted) will appear to the right of the field, indicating you've made an adjustment to the pre-populated fields.
Apply Interest Through indicates the date to calculate the interest through. This automatically defaults to today's date but can be changed to another date.
Select Apply Interest. Once you've applied interest to all the cases. The date it was last applied will appear under the Interest Last Applied column.
An interest entry will be made on the Payments & Adjustments page for each case interest was applied to. Each time you apply interest, a new entry will be added.
You can delete an interest entry from the case, by selecting the Settings gear icon > Delete.
You can also manually calculate interest for a case using the Payments & Adjustments page. See how to Enter Payments & Adjustments for more details!
Commonly Asked Questions:
How is interest applied after the first calculation?
The system will only allow you to apply interest on days that occur after the date indicated in the Interest Last Applied column. Once you apply interest on a case, you can only apply interest on dates going forward. For example, if interest is applied from January 1-7, going forward the system will only allow you to apply interest after January 8.
Need Additional Information?:
Need Help? Email us at firstname.lastname@example.org or call 1-800-692-5111!