Is it possible to Bulk Update Records so that Formula Values based on time Update?

Is it possible to Bulk Update Records so that Formula Values based on time Update?

In my app, as each month turns over, fees accrue.  A formula field shows this accrual less payments already made. The value of this formula is the account balance until a new month begins.

How can I bulk update records so that the balance reflects the beginning of a new month?

Can such a bulk update be automatically scheduled to happen on the 1st of each month?

I've been studying Functions here at Zoho Creator, but don't have a solid understanding yet.  I am hoping there is a basic function code that will do a general update of selected records that will match the results as if one went record by record clicking Edit and then Submit.