Use the Payment Terms for matters to allow calculation of interest charged on the matter's previous pending invoices. Interest will be able to be charged (in a simple interest fashion) using a special Payment Terms record that you link to a matter. In a payment term, you define the:
- interest rate
- days to begin charging interest after the invoice due date
- grace period
This will not update or add interest to any existing invoices. It will start adding, based on the user linking the matter to a payment terms record, from the next invoice you generate for that matter.
Navigate to the AdvologixPM Setup Tab
Go to the Billing Setup column and click on the Payment Terms link. Once on the Payment Terms tab, select the New Payment Terms button from the list view.
Payment Terms Edit Page
Payment Terms Details Page
Add the Payment Terms Field to the Matter Layout
- Navigate to Setup | Build | Create | Objects | Matter.
- Scroll down to Page Layouts and select the layout you want to modify.
- Find the Payment Terms field and drag-and-drop it into the layout.
- Select Save.
Add Payment Terms to the Matter
Choose the Payment Terms field and use the lookup window to search for the payment term record you wish to associate to this matter.
Payment Terms Record (optional)
Click on the name of the Payment Terms record and see that the Matter is now related to the Payment Term. It will start adding to the next invoice you generate for the associated matter.
View the Interest Results
Add the Interest Charged field to the invoice page layout.
Add Interest Information to the Statement Configuration
- Go to the AdvologixPM Setup tab
- In the Billing Setup column, click on the Account Statement Configuration link
- Select the relevant Account Statement Configuration template
- Scroll to Total Summary Options section (bottom)
- Select checkbox next to Show Interest Charged?
- Rename Interest Charged can change name as shown on the invoice (optional).
- Click Save
Interest Details on Invoice PDF
After a new invoice is generated (using print on already formed invoices, or create invoice for a new invoice) shown in the Totals Summary section.
