The Update Interest process generates interest amounts for your accounts with past due balances based on the amount due, the age of the balance, and the rules you have defined for interest calculation.
You can run the Update Interest process whenever you like. Interest will only be generated when it is due to be generated. There is never any risk of accidentally generating the same interest amounts twice.
By the same token you never have to worry about forgetting to calcuate interest. Whenever you run the Update Interest process it will automatically generate any pending (but yet un-generated) interest.
When you run the Update Interest process, interest is always generated as-of the current date. You cannot generate interest as-of a future date.
The Interest Preview List is an extremely powerful tool.
While the actual Update Interest process does not allow you to calculate future interest, the Interest Preview List allows you to preview future interest calculations.
Additionally, the Invoice Preview List will display warning messages when certain conditions exist that would affect the proper calculation of interest amounts. You can then easily correct any problems before running the Update Interest process.
You may contact us using the Feedback form or at support@time59.com.