Income Allocation reports are versatile tools which help your firm track invoiced and collected amounts for originating attorneys and timekeepers. Use these reports to assist with compensation plan and billable time calculations.
Generate an Income Allocation Report
- Select the Reports Tab.
- Select Income Allocation - Details or Income Allocation - Summary from the left-hand column.
- Review the options at the top of the screen.
- Set the payment date range for the report. You must enter a payment date range for the report to run.
- Choose Run By, Subtotal By, and Show Percentage options if you are generating an Income Allocation - Summary report.
- Choose Run By, Subtotal By, Attorney Responsible, Originating Attorney, Timekeeper, and Level of Detail options if you are generating an Income Allocation - Details report.
- After choosing your settings, select the View Report button.
Understanding Income Allocation Reports
Income Allocation – Summary
The Income Allocation – Summary report shows your firm's income through a variety of sources and identify strengths and weaknesses in your business.
By default, the report is filtered to timekeeper in the Run By dropdown menu. You can manually choose to run it by matter type, area of law, originating attorney, attorney responsible, client, or referrer. These filters also can also be applied to the Subtotal By dropdown menu.
The Show Percentage option is set to false by default. Change this option to True to ensure the Run By selection totals 100%. If you chose an option under Subtotal By, then the subtotals will also equal 100%.
These options can be adjusted to suit your firm’s needs. For example, if you set Run By to Attorney Responsible, Subtotal By to timekeeper, and Show Percentage to true, then you will receive an overview of your timekeepers by attorney responsible.
Alternatively, you can set Run By to referrer and the Subtotal By to matter type for insight into which types of business your referrers bring in the most money.
Note:
- Partial payments for an invoice are applied pro-rata across fees and expenses.
- Waived amounts leave invoices partially paid.
- Discounts are only applied to fees.
- Interest, surcharges, and credits are not included.
- Subtotal By options, except for <None>, reflect the percentage of the group selected, not the total of the report.
Income Allocation – Details
The Income Allocation – Details report breaks down information from the Income Allocation – Summary report to show payments on the matter and invoice levels. Use this report when you need to verify that payments are correctly applied.
By default, the report is set to <None> in the Run By dropdown menu. You can choose matter type, area of law, originating attorney, attorney responsible, timekeeper, client, or referrer in the Run By dropdown menu. These options are also available in the Subtotal By dropdown menu.
If you choose Run By attorney responsible, originating attorney, or timekeeper, the report will include all staff by default. Use the multi-select filters for these options to select individuals.
The Level of Detail dropdown menu affects how the information is displayed in the report. You can use Matter in this menu to total all payments on the matter by timekeeper allocation. Mater & Invoice totals all payments by individual payment by timekeeper allocation. Matter, Invoice, & Payment is the most comprehensive option, since many matters have multiple invoices, and invoices can have multiple payments.
Note:
- Partial payments for an invoice are applied pro-rata across fees and expenses.
- Waived amounts simply leave invoices partially paid.
- Discounts are only applied to fees.
- Interest, surcharges, and credits are not included.
Billed Fees & Expenses – Summary
The Billed Fees & Expenses – Summary report details how much your firm bills and is another way to analyze your business performance. This report is accessed from the Reports tab.
Similar to the Income Allocation reports, you must enter an invoice date range. By default, the Run By dropdown menu is set to timekeeper. You can also set Run By to matter type, area of law, originating attorney, attorney responsible, client, or referrer. These options are available in the Subtotal By dropdown menu as well.
The Show Percentage option is set to false by default. Change this option to true to ensure the Run By option totals 100%. If you chose an option under Subtotal By, then the subtotals will also equal 100%.
Notes:
- Discounts are only applied to billed fees.
- Write-offs are not included.
- Non-billable entries are not included.
- The Subtotal By options, except for <None>, reflect the percentage of the group selected, not the total for the report.
Billed Fees & Expenses - Details
The Billed Fees & Expenses - Details report breakdowns information from the Billed Fees & Expenses - Summary report to show what has been billed at the matter and invoice level. This report can also be used to verify that your invoices have been billed correctly.
To run this report, you must enter an invoice date range.
By default, the Run By dropdown menu is set to timekeeper. You can also Run by matter type, area of law, originating attorney, attorney responsible, client, or referrer. These filters can be applied to the Subtotal By dropdown menu as well.
Choose the attorney responsible, originating attorney, or timekeeper filters to ensure that all data displayed on the report corresponds to these selected staff members. Otherwise, the report will default to all staff. You can use multi-select filters to ensure more than one staff member is selected per filter.
The Level of Detail dropdown menu defaults to matter. When matter is selected, rows are displayed as the total billed for timekeeper per matter. When matter & invoice is selected, rows will be displayed as total billed for timekeeper per invoice.
Notes:
- Discounts are only applied to fees billed.
- Write-offs are not included.
- Non-billable items are not included.
- Interest charges are not included.
- Surcharges are not included.
Money Received
The Money Received report provides an overview of how your clients pay you. You can filter this report by invoice payment, trust deposit, or operating retainer deposit.
To run this report, you must enter a payment date range.
Use multi-select filters to choose which Accounts will display on the report. By default, the report is set to show all accounts.
You can also use a separate multi-select filter to display the Sources you received money from. By default, this is set to show all sources.
The report can be organized by Account, Source, Matter Type, Client Received From, or None. By default, the report is set to None.
Notes:
- Credits are excluded.
- Sorting will organize payment date from oldest to newest by default.
- If you choose a trust account or operating retainer as the source, and the selected account is operating, then the report will show additional lines are the total to indicate the total money received.
- Money moved from trust or operating retainer will be subtracted from the total in separate lines to equal total money received. This ensures the report only shows money earned.
- Include trust invoice payments and exclude operating retainer payments under the Sources dropdown menu if you need to match bank account deposits.
Dormant Trust Balance Report
The Dormant Trust Balance report shows which trust funds have not been used and which matters are inactive from a specified date. This report will help you decide when to return funds or take other actions with your trust account.
To run this report, you must select a trust account.
The As At Date will show the balance of the trust account selected based on the date you choose. Only matters with a balance above $0 will display on the report, and the report defaults to today’s date.
Dormant Since will only show matters that have the Last Transaction Date older or equal to this date. This will default to one year prior to today’s date.
Attorney Responsible will allow the firm to restrict the data displayed on the report to staff selected within the filters. This will default to all staff selected. These are multi-select filters, and more than one staff member can be selected.
Notes:
- Deleted transactions are excluded.
- Reversed transactions are included.
- You can sort the report by any column.