Acquire

6.5.2 Update (April 19, 2020)

In This Article…

Release Date:  Sunday, April 19, 2020

This document includes items released in version 6.5.2

Enhancements

New Fee Allocation Setting for non-hourly Matters

For those who utilize our fee distribution reporting for fixed fee & contingency cases, there is a new setting to adjust how distribution is calculated. This is especially useful when amount collected is 

This setting is located under Setup > Firm Settings > Financial in the section labeled ‘Fee Allocation Settings’

  • For new accounts, this setting will be defaulted to ON. If you are already a CosmoLex user and wish to use this setting, we suggest verifying it here
  • The setting above (“Include Non-Billable timecards value…) must also be ON in order to use the new setting
  • Even with these settings on, you must continue to enter non-billable time spent on that file. This is critical in determining the proportion of effort per timekeeper and calculating allocations

Allocation Behavior With New Setting

Fixed Fee amount: $5,000

Timekeeper allocation: 50% each

Non-billable timecards entered
Date Timekeeper Amount
1/01/2020 TK 1 250
1/01/2020 TK 2 500
  Total 750

Invoice Amount: $5,000

Invoice Payment (partial): $1,000

Scenario 1 – Setting is turned ON

% effort (non-billable time) is applied to the full collected amount

Timekeeper Effort Calculated Fee Collected* Allocation
TK1 33.33% 333.33.. 166.66..
TK2 66.66% 666.66.. 333.33..
Total 100% 1000.00 500.00

*Calculated Fee Collected

  • Total collected was $1,000
  • Effort % is then applied per Timekeeper

Scenario 1 – Setting is turned OFF

% effort (non-billable time) is applied to collected amount, but only up to the value of non-billable time tracked. 

Timekeeper Effort Calculated Fee Collected* Allocation
TK1 33.33% 50.00 25.00
TK2 66.66% 100.00 50.00
Total 100% 150.00 75.00

*Calculated Fee Collected

  • 20% of  the billed amount was collected
  • Total effort was $750.00
  • $750 x 20% = $150
  • Effort %  is then applied per Timekeeper

Updated on December 9, 2020

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