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SUMMARY MORE INFORMATION Step 1- Set the Billing Closed Date Step 2- Ensure the Billing Definition Settings are Correct Step 3 - Generate the Billing History

 

SUMMARY

If your firm bills in advance and a client is leaving before the billing period ends, Tamarac Reporting can calculate the refund amount once the closed date is set. Watch the video or read below to learn how.

MORE INFORMATION

To calculate the amount to refund a client who leaves before the end of a billing period, first set a billing closed date, ensure billing settings are set correctly, then generate the billing history to see a new adjusted billing amount.

Step 1- Set the Billing Closed Date

Once the account is no longer under your management, set a closed date for the account.  You can set the billing closed date manually, or auto-generate it. To ensure the refund amount is calculated correctly, the account must still hold value on the closed date you set. If the account has been zeroed out, set the closed date to the last day it held value.  

To set the billing closed date, follow these steps:

1. In Tamarac Reporting, on the Accounts menu, click Accounts.
2. Click name of the account you  want to edit.
3. Under Settings, select Billing.
4. In Billing Closed Date, you can:
   
   • Use the date picker to manually set the billing closed date.
     
   • Automatically set the billing closed date to the last date the account had value by selecting Auto-generate date.
     
5. Select  Save.

Step 2- Ensure the Billing Definition Settings are Correct

To successfully generate an adjusted billing history, the billing definition for the account must be set to prorate capital flows and the minimum fee setting must be set to no minimum. 

Follow these steps to ensure the billing definition settings are correct:

1. Under Billing, click Billing Definitions.
2. In Select Billing Definition, select the billing definition used by the billing group you're working with. 
3. In the Minimum Fee box, delete any content so it says No minimum.
   
4. Click Prorations.
5. Select the Prorate capital flows check box.
   

Step 3 - Generate the Billing History

After you have set a billing closed date and ensured the billing definitions are set appropriately, you can generate an adjusted billing history that will show the correct refund amount.

Follow these steps to generate the billing history:

1. Under Billing, click Billing Groups.
   
2. Select check box next to the billing groups you want to generate a billing history for.
3. Under More Actions, select Generate Billing History.
   
4. In Billing Date, enter the date immediately following the billing closed date (for example, if the billing closed date is 6/15/2020, type 6/16/2020 for the billing date).
   
5. Click Generate Billing History. If you have generated a billing history for this date previously, you will see an alert asking you to verify whether you want to overwrite the existing billing history. To continue, click Run.
   

This will generate a new billing history for the billing date you selected, adjusted for the refund. This billing history will appear on the Billing History page as [billing date] (adjusted) indicating that it has been adjusted based on the billing closed date. For example, if the billing date is 6/16/2020, the billing history name will be 6/16/2020 (adjusted).

Search Billing Statements in the Support & Training Center for more details.

APPLIES TO

• Tamarac Reporting