Interest Calculations Starting on a Specific Date for Certain Clients
The attorneys at my firm want to be able to start interest calculations on a certain date and only for certain clients who have had outstanding balances for quite a while. The grace period is not working for our situation because we sometimes do not apply payments to the oldest invoices if there are expenses outstanding on more recent invoices that we want to cover first or if the managing attorney wants a time keeper to be able to receive collection for his/her time on recent invoices prior to the managing attorney receiving collections for his/her time on older invoices. Also, if we tell a client who has had a running balance for a few years that we are going to starting charging interest, we don't want interest to be assessed for years back; we only want to assess interest going forward.
One additional comment on my own post: Our legal assistants and I have been doing manual interest calculations that we add to the bills for certain clients with long overdue balances since we have not been able to get the Bill4Time interest calculation to work how we would like. We would like to assess late fees for quite a few more clients; but we haven't been doing it since we don't want to manually calculate the interest for all of these clients, and we don't want Bill4Time to automatically assess interest for several years back.
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