Charging Interest on Overdue Invoices

02/09/2025
Knowledge

How To

Learn how to create late fees for overdue invoices which can be invoiced to your clients.

Desktop
Web

Click to edit heading

If you would like a particular invoice not to appear in the Overdue Invoices window, open the relevant matter and select Matter Details > Accounting > tick Do not create overdue invoices for this matter.

Click the LEAP Menu > Accounting > under Office Accounting > Overdue Invoices.

The Overdue Invoices window will open.
Select an Invoice Filter:
- <All> - displays all overdue invoices.
- Overdue invoices with interest - displays overdue invoices which can have interest applied to the overdue balance.
- Overdue invoices without interest - displays overdue invoices which have already had interest applied against the outstanding balance within the current month.

Click to edit heading

You're able to apply interest to an outstanding invoice once a month.

Select a status for the late fee invoices from the drop-down i.e. Draft - Unapproved, Draft - Approved or Final - Printed/Sent.
The default interest rate will display in the Interest Rate field. You can override the default fee by entering the interest rate.

Click to edit heading

It's possible to change the default interest rate. See Application Settings - Invoice > General to find out how.

Tick the Print checkbox to print the invoices after creation.
You can set a minimum interest amount. No late fees will be applied to balances which attract interest less than the specified amount.
Make your selection for which invoices you wish to apply late fees against by ticking the individual invoices.

Click to edit heading

If you wish to select all the listed invoices so that you can charge the same amount of interest to all the overdue invoices at once, click User-added image at the top of the table then choose Select All.

Click Save & Close.

Click to edit heading

If you would like a particular invoice not to appear in the Overdue Invoices window, open the relevant matter via LEAP Desktop and select Matter Details > Accounting > tick Do not create overdue invoices for this matter.

Click > Accounting > under Office Accounting > Overdue Invoices.

The Overdue Invoices window will open.
Use the Select From filter to display invoices.

Select invoices using the Select From filter:
- <All> - displays all overdue invoices.
- Overdue invoices with interest - displays overdue invoices which can have interest applied to the overdue balance.
- Overdue invoices without interest - displays overdue invoices which have already had interest applied against the outstanding balance within the current month.
Enter the Do Not Apply Fee If Interest Less Than field if you would like to only apply overdue fees to invoices with interest under a specific amount.
Use the Matter Number or Invoice Number fields to search for certain matters/invoices.

Click to edit heading

You're able to apply interest to an outstanding invoice once a month.

The Batch No. will be assigned automatically.

Click to view the Batch Details including:
- Date
- Created By
- Memo

Click to edit heading

Untick the Auto tickbox to enter a custom memo.

Select a status for the late fee invoices from the Set Status drop-down:
- Draft - Unapproved
- Draft - Approved
- Final - Printed/Sent
Select the At Date.
The default interest rate will display in the Interest Rate field. You can override the default fee by entering the interest rate.

Click to edit heading

It's possible to change the default interest rate. See Application Settings - Invoice > General to find out how.

Select the Last Overdue Invoice Run date as necessary.
Tick the Print checkbox to print the invoices after creation.
Make your selection for which invoices you wish to apply late fees against by either ticking the individual invoices.

Click to edit heading

If you wish to select all the listed invoices so that you can charge the same amount of interest to all the overdue invoices at once, click the checkbox at the top of the table.

Click Save.

Last Modified Date

2/09/2025 3:55 am

Title

Charging Interest on Overdue Invoices

URL Name

Creating-Interest-on-Overdue-Invoices

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