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