In Clio Manage, you can create payment profiles that automatically calculate when interest is charged on an overdue bill after the grace period passes. Any generated bill that is unpaid can collect interest if a payment profile is applied to the contact. This includes closed matters.
Before interest can be charged on an overdue bill, you need to create a payment profile that specifies the grace period and the amount of interest that will be charged on a recurrent basis after the grace period passes and until the bill is paid fully. Once this payment profile is created, you can add it to the contact and generate the bill.
Step 1: Create a payment profile
- Go to Settings > Billing > Payment Profiles.
- Click Create a payment profile.
- Name the profile and then select Custom Payment Terms.
- Select a grace period, and interest amount if payment is not received beyond the grace period.
- Optional: Select the amount of discount if the bill is paid within a set number of days.
- Click Create Profile.
Step 2: Add the payment profile to the contact card
- Go to the contact and click Edit contact.
- Scroll down to Billing preferences.
- Under Payment profile, select the payment profile created in step 1.
- Click Save contact.
Step 3: Generate the bill
Learn more about generating bills here.
Accrued interest terms
Once a generated bill’s grace period passes, the unpaid bill will accrue its first interest charge the day after the grace period ends, at midnight PST. The bill will continue to accrue interest depending on the interval specified in the payment profile.
Interest is applied to the entire bill, not individual activities on the bill. Additionally, each accrued interest will appear on the client’s bill invoice as a separate line item.