Solution: First be certain Interest is turned on. From Home Menu, select Set Up | Interest. Be certain interest is turned on at the correct rate and with the desired grace period. Then, recognize that interest won't begin to accrue until the grace period has passed AFTER Finalization of the bill for the matter. The theory is that interest shouldn't be charged if the bill has not been finalized and sent to the client. Once the grace period expires, the program will begin to accumulate simple interest on an acutal days/365 day basis on all balances that have been outstanding for more than the grace period.
Solution: During set up of a new client, the program gives you the opportunity to enter any oustanding balances at set up. If you carefully follow the steps, you can set up your client with a portion (or all) of the outstanding balance accruing interest from the set up date and the remainder (if any) at some future date. After that, the program does the rest.
Solution: When you set up the matter, you probably entered a Balance Forward and told the program that some or all of it is PRESENTLY accruing interest.
As a result, the program started accruing interest immediately and the next day, you will see one day's interest accrual. To change this, from
Home Menu, select Change Client/Matter | Change Matter | [select the matter] | Balance Forward . Then, make the adjustments
as desired.
