Lately we’ve seen an uptick in clients who tell us they need to do Split Billing–that is, take the values from one bill and divide it among multiple parties or even among multiple matters. TimeSolv makes this easy–if you know how to do it. Let’s take a look–
In order to set up split billing, we need to first identify the Master Matter.This will be the matter against which all charges to be split will be posted:
- A Master Matter cannot be a consolidated matter
- It also cannot be part of another split billing rule
Let’s say we have a client named Mr. James and our firm is handling his divorce. The party for Mrs. James and their Children will be assigned 60% of fees and 40% of costs. The party for Mr. James will be responsible for the rest or remainder of the bill.
1. Click on Clients & Matters under the Clients tab – select Master Matter –
2. Click on the Split Billing tab
3. In the Split Option, set up the distribution of fees and costs. We’ll begin here by determining how to Split the Time –
- Split Hours & Amount – The hours worked and amount to be billed will be split between all clients-matters under this split billing project, according to the percentages assigned to each client-matter (as illustrated above).
- Split Hours & Calculate Amount –The amount of hours worked will be split first, then the total amount to be billed will be calculated according to the percentages assigned to each client-matter.
- This is useful for those split billing projects that have various timekeepers with different default rates working on it- Once you have made your selection, click on the Save button- Now set up the distribution among the parties.Begin with the Master Matter –
- Since we said earlier that Mr. James will be responsible for the remainder of the bill, do not put in percentages for time and expenses, but rather leave the boxes for Remainder checked for each
- Click on the Save button to save your selection and close the window
- Click on Add Split Billing Project as many times as you need to continue adding more client-matters to this split billing project until the distribution table equals 100%
5. That’s all there is to it! Any time and expense entries posted to the Master Matter will be automatically calculated and distributed on bills for the other parties.
SO, YOU THINK YOU ISSUED YOUR REPORTS?
This feature in TimeSolv is useful for those firms involved in any type of mediation matter, or for firms where one of the payees will be a third-party, such as an insurance company. Want to know more tips and tricks about this versatile cloud application? Contact us at 877-357-0555 or write to us as [email protected]. Alexa and Siri may *think* they know everything… but we understand the needs of our clients.
Dana Riel is President and Founder of Business Solutions, Inc., serving the Washington, D.C. metropolitan area since 1985. Her firm is the authorized training center for the region for Time Matters and PCLaw by PCLaw|Time Matters, PLLC; Timeslips and Sage 50 Accounting by Sage Software; and QuickBooks by Intuit Corporation. She also serves as a consultant for Caret Legal (formerly known as Zola Suite), CosmoLex, Soluno & TimeSolv. As a trainer, Dana has provided training services to organizations such as the DOD Defense Logistics Agency, Judge Advocate General’s Office (JAG)/Department of the Navy, University of the District of Columbia School of Law, U.S. Department of Commerce and the U.S. Department of Veterans Affairs, as well as with small‐ to mid‐size law firms in the Baltimore‐Washington D.C. area. In 2009, she participated in the series of day‐long seminars sponsored by the District of Columbia Bar Association Practice Management Section, titled “Basic Training: Learn About Running a Law Office”. Ms. Riel also served as an Adjunct Professor in Georgetown University’s Paralegal Studies Program, having taught the course, “Legal Ethics/Legal Technology” in 2009; and “Legal Technology” for the Spring and Summer Semesters of 2010. She presently serves on the Advisory Board for PCLaw|Time Matters, PLLC.