Setting Up a Client Interest Scheme 

1. Go to 'System' > 'Settings'

1. Select 'Interest Rate Schemes'

1. Click 'Add' 

1. Enter 'Code' and 'Description'

1. Select the 'Default Nominal' 

1. Click on the Pen icon

1. Click on the + icon 

1. Enter the amount the band range goes up to 

1. Continue to add bands by clicking on the + icon and entering the amount if required

1. When all bands are entered click the pen icon to finish

The bands will then be shown with both upper and lower amounts.

 

1. Click on the + icon

1. Select the date the rate is to take effect from

1. Keep 'Change Date' unlocked until you have added the rate values
2. In the Rate window click on the figure in the date column

1. Enter the rate value

1. Click 'Save'

The Change Date will lock when you click 'Save'.

 

 

Once a Client Interest Scheme has been set up it can be selected for individual matters in the Matter Maintenance screen. Please see our guide Setting up a New Matter for more details.

Running a Client Interest Scheme 

1. Go to 'Accounts' > 'Client Interest'

1. Enter any relevant filters if required
2. Click 'Load Entries'

1. In Payment Transaction Details enter 'Date' and 'Reference'
2. Enter Description 

1. Check that all the correct matters have been selected 

1. Check the 'Totals and Summaries' section 

1. Click 'Post'

1. Save or Print the Interest Payment Report