Guide Overview

The client interest calculator tool gives the user the ability to calculate interest on any given matter file. 

Or

Calculate interest on multiple matters at once

TABLE OF CONTENTS

• Guide Overview
• Setting up the Interest Calculator
  • Setting up Client Interest Rate Sets
• Editing or Updating a Rate Set for the Interest Calculator
  • Setting the Firm De Minimis Amount
• Applying the Interest Rate Set to a Matter
• Posting Client Interest 
  • Posting the Client Interest for an Individual Matter
  • Posting the Client Interest for Multiple Matters from the Client Cash Account
• View Previously Posted Client Interest
  • Viewing Previously posted Client Interest for an Individual Matter
  • Viewing Previously Posted Client Interest for Multiple Matters from the Client Cash Account

Setting up the Interest Calculator

Within this section we will go through the process of setting up and amending the Client Interest Rate Sets and the De Minimis Amount (if applicable) for the firm. 

Setting up Client Interest Rate Sets

1. From the Settings drop down on the navigation menu, select Firm Settings.

2. Select Client interest rate sets from the list.

3. In the Rate Sets screen click the New Rate Set button in the top right of the screen to create a new interest rate set. 

4. In the Details section enter a Name and Description for the rate set.

5. If this is going to be the Firm Default rate tick the Make the a Firm Default tick box.

6. In the Rate Details section enter an Effective Date From.

7. Enter the upper limit for your Band 1 (the lower limit is automatically set to £0.00).

8. Enter the relevant Rate for the band.

9.   Click on the +Add New Band button to add additional bands to the rate set.

10. Add the upper limit for each Band and the Rate (note that the lower end will pre-populate with the upper limit from the previous Band).

10. Click Save in the bottom right of the screen.

Editing or Updating a Rate Set for the Interest Calculator

1. From the Settings drop down on the main navigation menu, select Firm Settings.

2. Select Client interest rate sets from the list.

3. In the Rate Sets screen click the + Add New Rate Set button to the right of the relevant rate set line.

4. Amend the Effective Date From.

5. Amend the Rate for each Band within the rate set.

6. Click Save in the bottom right of the screen.

7. The previous rate will become an historical rate.

Setting the Firm De Minimis Amount

The De minimis amount is the threshold below which any accrued interest is not eligible for posting

1. From the Settings drop down on the main navigation menu, select Firm Settings.

2. Navigate to the De minimis amount section in the list.

3. Enter the de minimis threshold amount into the amount field section in the list.

Applying the Interest Rate Set to a Matter

1. Search for and open the relevant matter.

2. Select Matter Setup from the Matter Actions menu.

3. Scroll down to Billing Setup section.

4. Use the drop down option to select the applicable Client Interest Rate Set.

5. Click Save and Close in the bottom right of the screen.

Posting Client Interest 

In this section we will go through how you can post client interest either to individual matters or across multiple matters at one time from the client cash account.

Posting the Client Interest for an Individual Matter

1. Search for and open the relevant matter.

2. Select Client Cash Account from the Client Ledger on the drop down in the Matter Action.

3. Select Client Interest from the menu that opens.

4. To see details of the interest to be posted click on the arrow to the left of the line.

5. If the amount of interest is below the de minimis threshold that has been set for the firm in Settings, you will see an orange i symbol to the right of the line, hovering over this will give you that information in a tool tip, these entries will not be available to Post.

6. Select the line you wish to post by selecting the tick box to the left of the line.

7. Select Post from the pop up that opens in the middle of the screen.

8. Enter the Payment Method in the Payment Details section of posting screen that opens.

9. Click Post in the bottom right of the screen.

Posting the Client Interest for Multiple Matters from the Client Cash Account

1. Select Client from the Banking drop down on the navigation menu.

2. Open the Client Cash Account.

3. Select Client Interest from the Account Actions menu to the right of the screen.

4. To see details of the interest to be posted click on the arrow to the left of the line.

5. If the amount of interest is below the de minimis threshold that has been set for the firm in Settings, you will see an orange i symbol to the right of the line, hovering over this will give you that information in a tool tip, these entries will not be available to Post.

6. Use the tick boxes to the left of the lines to select the matters you wish to post the interest for.  Alternatively, select Add Filter and add De Minimis and above filter to only show matters which meet the De Minimis set by in Firm Settings.

7. Then select Post from the pop up that opens in the middle of the screen.

8. Enter the Payment Method in the Payment Details section of posting screen that opens.

9. Click Post in the bottom right of the screen.

View Previously Posted Client Interest

This section of the guide will allow you to see previously posted interest either for an individual matter or for multiple matters posted via the Client Cash Account

Viewing Previously posted Client Interest for an Individual Matter

To view the client interest that has been posted from a matter card use the following steps:

1. Search for and open the relevant matter.

2. Select the Client Ledger from the Matter Actions menu to the right of the screen.

3. From the menu that opens select Client Cash Account and then select Client Interest.

4. In the Client Interest screen that opens select the Posted tab in the top left of the screen.

5. To view full details of the interest that has been posted click on the down arrow to the left of the line.

Viewing Previously Posted Client Interest for Multiple Matters from the Client Cash Account

To view the client interest that has been posted from the client cash account use the following steps:

1. Select Client from the Banking drop down on the navigation menu.

2. Select the relevant Client Cash Account from the list.

3. Select  Client Interest from the Account Actions menu to the right of the screen.

4. In the Client Interest screen that opens select the Posted tab in the top left of the screen.

5. To view full details of the interest that has been posted to any of the matters click on the down arrow to the left of the line.