'Fund Accounts' are a representation of a real fund account and a place to store information about those accounts and details on how they relate to specific matters.
Out-of-Box Fund Accounts:
- Trust
- Retainer
- Collection
You can rename these or add additional ones and it will work with the billing portion of the application as long as you choose from one of the available Fund Account Types.
Available Fund Account Types:
- Trust Accounts
- Retainer Accounts
- Collection Accounts
'Fund Account Entries' are a way to:
- Make and store Fund Account Deposit data (via a Matter)
- Make and store Fund Account Withdrawal data (via a Matter)
Navigate to AdvologixPM Setup Tab
Choose 'Fund Accounts' under Billing Setup
Fund Accounts
Create a Fund Account
- Name the Fund Account
- Choose the type of Fund Account
- Trust
- Retainer
- Collection
- Click Save to close and move on
- Click Save & New to finish adding this Fund Account and create another
Making a Fund Account Entry from a Matter record
Navigate to the Matters Tab
Use the hover functionality by mousing over the Fund Account Entries link near the top of the Matter page and select the Add Fund Account Entry button.
~ OR ~
Scroll to the Fund Account Entries related list near the bottom of the Matter page and select the Add Fund Account Entry button.
Fund Account Entry
Matter is Auto-populated
Choose the X to remove the defaulted Matter
Choose another Matter with the look-up icon (if desired)
Choose what Fund Account to work with
Use the look-up icon, if desired, to search for the Fund Accounts already entered in the system via AdvologixPM Setup steps above
Set a Description for the Entry
Set a Reference Number if desired
Determine the Type of the entry
- Deposit
- Withdrawal
Choose an Action (if desired)
If Type is Deposit - Action can be
- Cash
- Check
- Collection
- Credit
- Transfer In
If Type is Withdrawal - Action can be
- Fees
- Payment
- Payout
- Transfer Out
Choose the date of Receipt
Set the Amount deposited or withdrawn
Add any comments desired
Select Save to close and move on
Select Save & New to finish adding this Fund Account Entry and create another
Reviewing Account Balances on the Matter record
Real time Balance - Shows the SUM of the 'Retainer Balance' & 'Trust Balance' MINUS the 'A/R Balance' and MINUS the SUM of 'Unbilled Fees' & 'Unbilled Expenses'
A/R Balance - Shows any 'Billed to Date Balance' MINUS the SUM of the 'Total Payments' and/or 'Write-offs' to Date and any remaining 'Credit Balance'
Credit Balance - Shows the SUM of ALL Payment WHERE Payment Type equals Credit
Retainer Balance - Shows the SUM of ALL Fund Account Entry WHERE FundAccountType equals Retainer
Trust Balance - Shows the SUM of ALL Fund Account Entry WHERE FundAccountType equals Trust
Collections Balance - Shows the SUM of ALL Fund Account Entry WHERE FundAccountType equals Retainer