Some states provide a grace period for child support payments. For example, in California, a payment is considered on time if it is made during the same month it is due. Interest is only accumulated starting on the first day of the following month after a payment is due.
I am happy to announce that Interest Tracker now has the option to add a grace period to an interest calculation file, and supports the following options:
- End of month: interest is accrued starting on the last day of the month.
- Start of next month: interest is accrued starting on the first day of the following month (one day after previous option).
- Number of days: A given number of days (1 to 60) to delay interest calculation. Common values are 30 and 31 days.
The option to set a grace period is available when creating a new file and when editing file settings. You can also set your default grace period for new files in the Account Default Options page.