Interest Interval
Overview
The Interest Interval controls how often interest will be generated on past due balances.
The Interest Interval lets Time59 keep track of when interest needs to be generated so you don't have to.
There are four options:
- Monthly — Last Day Of Month
- Monthly — Day Of Due Date
- Weekly — Every Friday
- Daily
How Each Option Works
Monthly — Last Day Of Month: Interest will be calculated through the most recent last day of the calendar month. If interest has already been calculated through the most recent last day of the month, no interest will be generated.
Monthly — Day Of Due Date: Interest will be calculated through the most recent monthly interval of an invoice's due date. For example, if the due date of the invoice is June 15, then the monthly intervals going forward will be July 15, August 15, September 15, etc. If interest has already been calculated through the most recent monthly interval, no interest will be generated.
Weekly — Every Friday: Interest will be calculated through the most recent Friday. If interest has already been calculated through the most recent Friday, no interest will be generated.
Daily: Interest will be calculated through the current day. If interest has already been calculated through the current day, no interest will be generated.
Hints and Tips
Choose the Daily option if you always want to calculate interest up to the current date whenever you run the Update Interest process.
Choose one of the monthly options if you always want to calculate interest only through the end of a specific time period and no further. The monthly options will always cut off at the end of the designated interval even if you are a few days late running the Update Interest process.
Additional Information
Contact us at support@time59.com or call 312-957-4711.