Interest Calculator
Our tool helps you quickly calculate interest on past due invoices and add those amounts back into your Actionstep system as soft costs ready to be billed on this month’s statement. It comes with a set of custom data fields for your matters that let you easily set specific matter interest rates, grace period, and whether to charge. Your system-wide defaults for unspecified matters can be tweaked as you run the tool and you can also select or deselect matters or matter types during that process. Lastly, the calculator will always assume one month of interest needs to be added, but you can adjust the date you run it for and the description to run previous months of interest at the same time.
Our interest calculator is $50/mo for the first user if paid annually or $60/mo paid monthly. Additional users, if desired, are $300/yr or $30/mo per user. Customization, such as defining an income account or creating as time entries instead is all available at our normal rates with a $20/mo surcharge(paid annually) for your specific version of the app. The interest calculator will also be part of our Multi-Tool when it becomes available.
Default is set to 15% but can be adjusted in general and per-matter, that amount is divided by 12 and that monthly interest rate is charged on all selected matters that are past due and past any grace period.
The standard app will tie entries to the default expense account in your system. You can tweak that if needed before you bill, or you can have us build a custom version pointed at another account.
Your connection is using a “bearer token” which is unique to your login and your Actionstep system. We do not have access to your Actionstep system for this tool unless you explicitly give us access for customization work/mapping. That token is stored in ReTool’s database until it expires, protected by your ReTool password. You may log out at any time to purge the token from their servers entirely, but we do not believe that is necessary given the level of security ReTool has. Retool does not store your Actionstep data after you leave the page.
If you need something specifically customized to you, reach out to us with your specific need and we will get back to you with an estimate for that customization work. Custom versions of the app have a $240/yr surcharge. If you look at the video demo and worry it won’t do what you need, we suggest using the monthly subscription for the first month, then you can switch to annual when all goes well, or cancel if you aren’t happy with the tool. See Terms and Conditions for partial refund options when available.
You just need to have the fields added to your matters. You can install our interest workflow that has the fields appropriately named and copy them to your other matters or create them directly. The critical part is the backend name of the data field. It can be on a differently named collection and the label you show your users can also be whatever you need.
- Grace period must be named IntGrace
- Interest rate must be named Intrate
- The dropdown for whether or not to charge interest must be named InStatus and the backend value of an item not to be charged must be “No Interest”
Yes! If you have more than one Actionstep system/firm that you directly own or work for, you can absolutely use the same login for all of them. If you are an accountant, bookkeeper, or other consultant who would be using this extensively or charging your clients for this service, then we ask that you pay a little more to help cover the extra load to the system. On the plus side, we will connect you to a slightly different version that is easier to switch systems in and may have extra options. The Professional version is $1000/yr and we love to hear about specific needs and features you think should be included.