PCLaw® Answer Center
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Use this window for more advanced interest calculations, setting interest rates according to historical dates.
- To change the rate of interest as of a certain date, type the date in the Date column.
- Type the new rate in the Rate column.
- Repeat this process for as many times as the interest rate has changed for the firm historically.
NOTE The Rate Table allows you to schedule rate adjustments according to date. For example, if a law firm wishes to set its interest rate to prime plus 2 %, it would use the Rate Table to set the rate and the date it becomes effective. It should be noted that the first entry 01/01/82 is the rate to use for any invoice with a date prior to the first entry.
Setting an effective date for an interest rate does not affect prior invoices, even if the date extends before the A/R date on the invoice. A newly created invoice first checks the interest settings on the Matter Manager > Billing tab.
If Use Default Rate is selected on the tab, the invoice is then created charging the interest specified under System Settings.
If a Specific rate is selected for that matter, any adjustment in the Rate Table does not affect the matter.
- To save your selections, click OK.
You are returned to the System Settings > Past Due tab.