Following along in MyCase is recommended as you read this article.
Overview
Interest can be applied to different sections of the invoice. For example, you could apply interest to:
The sub-total of the entire invoice (the most common option for situations where you would like to apply interest on an overdue invoice)
Only time entries, but not expenses
A custom dollar amount
To add 'interest' to an individual invoice:
Open the Invoice Editor (for new invoices or existing invoices).
Scroll down on the page to view the Adjustments block.
Click on Add Adjustment.
From the Item column drop-down, select Interest.
Item - Choose Interest from the Item dropdown menu.
Applied To - The Applied To dropdown menu will let you choose Flat Fees, Time Entries, Expenses, or Sub-Total. This is how you can determine which portions of the invoice to apply the interest to. Maybe you'd like to add interest to only time entries but not expenses - simply choose Time Entries for this column. To apply interest to expenses but not time entries, choose Expenses. To apply interest to the entire invoice (most common option), choose the Sub-Total option.
Type - The Type dropdown menu will let you designate the interest as a Percentage or Dollar Amount. The Percentage option is for situations like "I'd like to apply 15% interest to an overdue invoice". The Dollar Amount option is for situations like "I'd like to apply a $300 late payment penalty to the invoice".
Notes—Enter any notes for the interest line item as you'd like them to appear on the invoice. This is useful for describing the nature of the interest (for example, you could write something like "15% late payment fee on an overdue invoice").
Basis - The basis column is used when you set up Percentage-based interest. Basis designates the amount to which the interest percentage will be applied. For example, if you apply a Percentage interest to the invoice, the basis column would be populated with the invoice sub-total. The interest amount would be calculated based on the basis and designated percentage. You can edit the Basis column whenever you'd like.
Percentage - If you are adding interest as a Percentage line item, specify the percentage you'd like to add.
Amount - This column shows you the final interest dollar amount for the line item. If you apply a Percentage interest type, the Amount column is not editable (calculated from the Basis and Percentage column). If you add Dollar Amount interest, the Amount column is where you can designate the amount you'd like to apply.
To add 'interest' on a Batch of Invoices:
Create the batch of invoices that you would like to add interest to. Learn more about Batch Billing HERE.
The adjustments section allows you to add an interest adjustment based on forwarded (unpaid) balances or any other section of your invoices.
To add 'interest' on existing Invoices:
Navigate to the Billing tab > Invoices, then select the check boxes next to the invoices that you would like to add interest to. You can also use the 'select all' check box at the top of the list.
Next, click on the Actions button and select Adjustments. A pop-up window will appear where you can define the specifics on the adjustment.
Select the Interest Adjustment Type, then fill out the other details pertaining to this adjustment.
Finally, click Save to apply this interest to all selected invoices.
