Interest Calculation Report
Contents
What Entries Appear on the Report The Common Tab The Report Drill Down Reconciling the Interest Calculation Report
What Entries Appear on the Report
The Interest Calculation report lists invoices including principal and interest by matter within the client. aged receivables by client for collection follow-up. Client information is provided, with invoices grouped by matter. The original invoice amount is displayed, along with the current aged outstanding balance, and interest due. The date and amount of the last receipt is included with any interest paid on that receipt. Invoices on the Interest Calculation report appear through the following features: Matter Opening Balances Quick Bill/Create Bill/Release Bill Invoices are modified or removed through the following features: Change/Write Off Bill Register > Invoice/Ledger tabs Matter Manager > Ledger tab Undo Bill.
Last receipt information appears through the following features: Receive Payment Quick Bill/Create Bill/Release Bill Trust-to-General Transfer (applied to existing A/R balance) The outstanding value of an invoice can be reduced by general retainers applied at the time of billing, and payments made to the invoice during the life of the invoice.
The Common Tab
Pull-down menu: Reports > Accounts Receivable > Interest Calculation > Common Tab The Common tab contains the most widely used options on any PCLaw report. It is the first tab to appear when selecting a report from the pull-down menu or Quick Step.
Exhibit 1. The Common tab of the Interest Calculation report
Matter: Client: Resp Lawyer: Invoice: Start Date: End Date: Interest Up To: Output:
Select the matter nickname to view items for a single matter. Select the client nickname to view items for matters associated with that client. Select the lawyer nickname to view items for matters assigned to that responsible lawyer. Select an invoice number to view that invoice. Select a date to view items occurring after that date. Select a date to view items occurring prior to that date. Select the date to restrict interest calculation to a cut off date. Check one or more of the following: Printer: Screen: E-mail: Editor: Print a hard copy of the report. View the report on the screen. Attach the report to an e-mail in one of text, rich text, or portable document formats. Produce the report as a file in one of text, rich text, or portable document formats.
Load Last: OK:
Click to use the settings from the last time the report was created. Click to create the report.
The Report
The Interest Calculation report lists invoices by the client, matter, and A/R date. Separate activity is displayed for invoicing, interest, payments, and write ups/downs (adjustments). Interest, payments, and write-downs only appear for invoices whose A/R dates are included in the date range of the report.
Exhibit 2. An excerpt from the Interest Calculation report
Client Information: Includes client nickname, client last and first name or firm name, business, fax, and home phone numbers. Clnt Lawyer: Matter: Description: Entry #: Date: Inv#: Type: Int. Rate: Lists the introducing lawyer for the client. Lists the matter nickname. Displays the first 26 characters of the matter description. Lists the entry numbers for all posted transactions, such as invoicing, payments, and write ups/downs. Interest calculations do not display entry numbers. Lists the date of the listed transaction. Lists the invoice number for all invoicing transactions. Payments, write ups/downs, and interest do not display invoice numbers. Shows whether the transaction is an invoice, payment, write up/down, or interest. Displays the rate of interest for the invoice. If the rate changes during the life of the invoice, either for the invoice, for the matter, or for the firm, Var appears in the column.
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Activity:
This section consists of principal and interest: Principal: Interest: Is displayed net of interest. Write-downs appear in this column as negative values. Calculated value is displayed according to the parameters specified when producing the report. Is displayed net of interest and less any payments applied to the invoice. Calculated value is displayed according to the parameters specified when producing the report and net of payments to the invoice applied specifically to interest. Displays the sum of the principal and interest columns.
Balance Owing: Section displays a running balance of principal, interest, and invoice total Principal: Interest:
Total: Matter Total:
Displays the total outstanding for the matter. Since all columns in the Activity and Balance Owing sections are running balances, the matter totals are not the sum of all the values in the columns.
The Interest Calculation report does not include any summary sections.
Drill Down
PCLaw provides the option to drill down on any report open on the screen to view a value in greater detail or view the source of an entry. There are two methods to drill down on an entry: • double click the entry • right click on the entry. from the cascade menu, select View Details. When drilling down on an entry for the majority of PCLaw reports, a data entry window or a more detailed report appears displaying the selected entry:
Drill down on Client/Matter information Invoice, Payment, Write up/down, and Interest information Opens the following window Matter Manager > Main tab Change Bill
Exhibit 3. Table displaying fields where drill down is enabled and the reports or features that are opened
Reconciling the Interest Calculation report
The chart on the following page lists PCLaw reports that reconcile to the Interest Calculation report, and the item on the report that can be reconciled. The reports must be run with identical dates and parameters. A report with a start date other than 1/1/82 may exclude entries crucial to the reconciliation of the report.
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Interest Calculation Matter Total > Balance Owing > Principal
Reconciles to Client Ledger Client Summary Client Accounting Ledger Billing (Fees) Journal Balances > A/R > End Date A/R Bal A/R > Totals Up to Ending Date A/R Bal
Additional comments For matter, client, and firm. Use 1/1/82 as a start date. For matter, client, and firm. Use 1/1/82 as a start date. For matter, client, and firm. Use 1/1/82 as a start date. Use the default Start Date. Use the same end date. Select Show Balances as of End Date. Select Include Write Ups and Write Downs. Select Include Paid Invoices. For matter only.
Receivables by Client
Matter Totals > Total
Exhibit 4. Table displaying the different reports and their sections that reconcile to the Interest Calculation report
The Interest Calculation report may not reconcile to the Client Ledger, Client Summary, or Client Accounting Ledger, for interest if a grace period is used for the firm, for the client reports do not include a grace period in its interest calculations. The Interest Calculation report does not reconcile to Billing by Lawyer report, for the Interest Calculation report does not display include purged matters. The Interest Calculation report may not reconcile to the Billing by Lawyer report for a specified end date if there are write-offs or payments made after the end date. The Billing by Lawyer report reports all transactions that apply to invoices within the report period. The Interest Calculation report includes transactions that apply to invoices if both the invoice and the transaction fall within the report period.
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