Adding Interest Charges to Invoices

January 30, 2017 no comments

Adding Interest Charges to Invoices

CosmoLex Forum Admin

How do I add a % of interest to accrue on client’s overdue invoices?

Esther Peralta answered
    Esther Peralta

    Quick update: We are currently working on this feature request and expect that it will be released soon. Thank you for your patience while we worked on this! We will keep you posted!

    Jane Tate commented on answer

    I see this question was posted in January, and this feature has still not been added.

    I want to emphasize to CosmoLex that this is an important feature, as asking a lawyer or their bookkeeper to manually add interest to each invoice using the “finance charge” feature is ridiculous.

    It’s also results in confusing invoices given the standard CosmoLex invoice template, as it’s not even apparent to a client what amount of money the interest charge relates to (e.g. The “Professional Services Rendered” total on the current invoice? The “Invoice Amount” listed below the finance charge in the default template? The “Previous Invoice Balance”? Or the “Balance Due” on the current invoice?)

    It is not uncommon for lawyers to deal with slow paying clients, and without the threat of accruing interest, those clients have little incentive to pay their lawyer in a timely fashion short of a threat by the lawyer to withdraw as counsel.

    Clio has this feature built-in, and with CosmoLex touting itself as a complete practice management and accounting software, it is critical to include this feature.

    Esther Peralta edited answer
    Erica Birstler

    Hi Marie. When creating (or editing) an invoice, we have a finance charge field in which you can add the needed finance charge. At this time we do not have built-in calculations for this, but I will add your name to this request as we do plan on implementing it in the near future.

    Lynne commented on answer