Automatically Calculates Interest and Tracks Account Balances
While Totality enables you to enter and keep track of a wide variety of information about collection accounts, perhaps its most useful feature is the ability to automatically calculate outstanding balances on collection accounts. Totality calculates the accrued interest on each account, the outstanding balance after each payment or cost, and how each payment is to be allocated between principal, interest and costs. If an account is handled on a contingency fee basis, then once the contingency fee percentage is entered for a particular client, each payment is also allocated between the client's share and the attorney's contingency fee.
Totality ensures that every account if handled properly the first time:
- Allocation Methods - Payments for a claim may be allocated in one of six different combinations of costs, interest and principal or on a contingency basis. Whichever method you select, calculations are always accurate.
- Interest - Select a default interest rate or assign interest in accordance with a particular contract or agreement. Make interest rate changes to an individual claim or globally to a group of claims.
- Payment Calculator - Enter terms of payment agreements and calculate payment amount or number of payments, last payment and payment dates.
Totality delivers financial calculations that you can rely on. Eliminate those complicated spreadsheets and ledgers; let Totality manage every transaction securely and accurately. Totality debt collection software has the flexibility to handle virtually every type of fee arrangement, quickly and easily.
Payment Promises at a Glance
Imagine a single screen where you can quickly review a listing of overdue, current, and future payments for your payment agreements and promissory notes. Eliminate those 'sticky-note' reminders, now you'll be organized and on top of every claim. Make a call, send a follow-up and keep a record of every payment and promise.
Your clients will appreciate your professional claim handling. You'll have a new sense of confidence knowing every detail has been recorded and handled properly. And, you will feel comfortable taking on more business knowing you have the proper system to handle more accounts.
