The default interest rate that will be charged on invoices is set in:
Company module > Defaults tab > Defaults side tab:
In the above settings, interest at the annual rate of 18% will begin to accrue 30 days after the posted date of the invoice. These settings will be used for all Time & Billing and Accounts Receivable invoices that are posted.
SETTING INTEREST RATES FOR MATTERS THAT DIFFER FROM THE DEFAULT RATE
Interest rates can be set for individual matters at rates that differ from the Default Interest Rate as set above. To set an interest rate for an individual matter:
Client module > Matter tab > Enter file number > Click on Billing side tab
You will see the default Interest Rate and Interest Free Days are bot set to Standard ("Std"). This means that will use the values as set in the defaults in the Company module > Default tab (above).
To use a different Interest Rate and Interest Free Days for an individual Matter, simply type in the values you want to use over the default "Std" on the above screen.
To enter an interest rate of 0%, you must type in a NEGATIVE NUMBER in the Interest Rate field and hit the "tab" key:
Eg. Type in "-1"
Hit the "tab" Key. The value will change to "n/c" and no interest wll be calculated in A/R for this Matter:
TIP: VIewing Interest Calculations in Detail
A/R module > Statement tab > Pull up the file you wish to view detail for.
Click the Print icon > Print the Statement of Account to File:
Open using Excel.
You will see a column with the Interest Column (Column N) showing the interest amounts invoked by each invoice and payment. You can change the "Int. as at" date in N4 to see the interest at various dates.