The Interest Calculation screen is available from the Postings menu of the Accounts ribbon, via Interest Postings. It is also available from Accounts Enquiry via the Interest menu.
The Interest Calculation screen allows you to calculate interest due to a client on monies held in client account. It also posts any monies due, by debiting the Interest Nominal and crediting the client account of the relevant matter.
This results in a debit on the office bank and a credit on the client bank on the system. Therefore all that needs to be done to complete the transaction is to move the monies over physically from the firm’s office bank to the client bank account.
The interest is calculated from the date of the first posting. Where client monies have been paid in by cheque and clearance days entered, these will be taken into account within the calculation.
The interest calculated is compound interest, so that when interest is added to the client ledger via the Interest Calculation screen, it is treated as a client credit posting and has interest calculated on it.
For details of the Interest Nominal and adding rates, see the Utilities manual.
Whether you choose to post from Accounts Enquiry within Accounts or from Postings on the Accounts ribbon, the posting types give the same options.
Once you have selected Interest Calculation, you will be able to use the Interest Enquiry, Interest Posting, Hypothetical Interest Calculator and print out any interest reports.
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