How to Charge Interest on Overdue Bills?
Occasionally, you may have clients who have overdue invoices. If you wish to charge them interest, or a late fee/penalty, you now have that option in Zola Suite.
Before Interest charges can be generated, you must first enable this setting under Firm Settings -> Billing & Accounting -> Billing Options.
On the right-hand side, check off the box labeled "Charge Interest by default for invoices that are paid late"
You can then customize the wording that will display on the interest line under the “Name of Interest Charge”.
Once enabled on the firm level, you can now begin enabling interest to both Contacts/Matters.
At 12AM each evening, qualifying invoices will have interest assessed as assigned to the matter as a Billable Interest Charge. This charge will automatically be created in the invoice column on the Time Page,
where you can view all billable activity/WIP. It will immediately be available to be pulled onto your next invoice
These line items will only be available to be added to a new invoice and cannot be added to an existing invoice
They will display on the General Ledger
under the "Interest Revenue" revenue account on an accrual basis once it has been invoiced, and on a Cash basis once it has been paid by the client.
How Do I Add Interest to My Invoices?
See: How to Charge Interest on Overdue Bills?
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