If you assess finance charges to your clients using TurboLaw Time and Billing, there’s an important change coming up in the next update that you need to be aware of. (If you don’t assess finance charges to your clients, you don’t have to do anything.)
In the next update of TurboLaw Time and Billing (version 1.14), the finance charge field in your client’s information has been renamed from a “monthly†rate to an “annual†rate (or APR). This was done based on feedback from customers, who said they were used to talking about finance charge rates on an annual (APR) basis, rather than monthly. This will also help to reduce the confusion some people had with understanding how a “monthly†finance charge was applied.
[note class=”warn”]The change that you need to be aware of is that this field has been renamed, but if you had previously entered a monthly finance charge rate for a client, the rate you had entered as a “monthly†rate now needs to be updated to be a “yearly†rate.[/note]
For example, if you had entered a 1.5% monthly rate previously, after this update you will need to go and change the number you’ve entered to 18% (1.5% monthly rate x 12 months = 18% APR).
You can find the field you need to change on the Edit Client window in TurboLaw Time and Billing.
The update with this change to the finance charge field in TurboLaw Time and Billing is due out near the end of March, 2009, and will be labeled “Version 1.14.â€
As always, if you have any questions about this change, or any other aspect of TurboLaw Time and Billing, please do not hesitate to contact us!