A custom text message can be displayed on invoices where interest applies.
- Settings are in Firm Settings > [select invoice template] > Invoice Settings
Enabling Interest on a Matter
Interest needs to be enabled on a matter level in Smokeball Billing.
Settings are located on the 'Edit Matter' screen under the 'Late Payment Details' section.
Interest and Late Fee options include:
- Once enabled, user must define the interest % per annum
- If a grace period is applicable, the user can define the number of days grace for that matter
- The late fee is recurring from the Invoice due date OR After the grace period
- After enabling interest on the matter, you can choose to apply interest to past due balances.
· NB: This prompt will only appear IF there are prior unpaid invoices on the matter.
Recurring interest will be based on the current unpaid amount on the invoice (excluding previous interest added on the invoice).
Displaying Interest on Invoices
- Interest is shown as a separate sub-total for both the current invoice, and for prior balances that are past due.
- The current invoice interest is shown under the subtotal field and labelled "Interest"
- The interest on prior balances is shown under prior balances and labelled "Interest on Prior Balances"
- The prior balances section has a column to show the interest
- If interest does not apply on an invoice, then we remove any reference to interest (for example, in column headers)
The interest is excluded from balances throughout Smokeball Billing unless otherwise stated. This also applies to reports.