Interest Calculation notifies the Firm of sums payable in lieu of interest on monies held in a general client or deposit account, in accordance with the Solicitors' Accounts Rules.
Calculations take into account a compliance table, the de minimis exception, and the concept of fair and reasonable. Once calculated, this application automatically generates a cash batch which can be updated to the client ledgers, the nominal ledger(s) and the bank accounts. Different interest rates can be set up, either as flat rates or tiered, and can be set to ignore compliance rules if required. Notional deposit accounts can be maintained and interest calculated and accrued.
Standalone calculations can also be performed on client and deposit accounts, nominal ledgers, and using a fixed sum.
