The Interest Interval controls how often interest will be generated.
The Interest Interval lets Time59 keep track of when interest needs to be generated so you don't have to.
There are three options:
When you run the Update Interest process, the following actions will be taken depending on the Interest Interval:
With the Monthly - Last Day Of Month option, 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 then no interest will be generated.
With the Monthly - Day Of Due Date option, 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 6/15 then the monthly intervals going forward will be 7/15, 8/15, 9/15, etc. If interest has already been calculated through the most recent monthly interval then no interest will be generated.
With the Weekly - Every Friday option, interest will be caclulated through the most recent Friday. If interest has already been calculated through the most recent Friday then no interest will be generated.
With the Daily option, interest will be calculated through the current day. If interest has already been calculated through the current day then no interest will be generated.
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 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.
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