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Collection by Timekeeper

Introduction

This report contains fees collected by timekeeper in your firm and compute earned the fee for each Timekeeper in a given date range.  This report can be used for a variety of needs: Productivity measurement; facilitates apportion fee allocation to timekeepers by work/collection activities; distribution mechanism for improved cash flow for outside counsel.

If you attempt to do these calculations manually, you are likely to encounter the following challenges:

  • If the invoice includes a discount, it would need to be allocated to individual timekeepers for accurate calculations.
  • Once the invoice is paid, the allocation will begin from liabilities and costs. Then, fee amounts would be considered paid. This gets very complicated if invoices are paid in multiple payments over a period of time.
  • The proportional allocation of discounts and fee payment is cumbersome and error-prone.

CosmoLex’s “Collection by Timekeeper” report addresses all these concerns and provides you with a 1-click solution to this complex set of calculations.

To access the report, go to Reports > Financial Productivity > Collection by Timekeeper

Report Filters

Timekeeper: Choose all timekeepers or a specific timekeeper

Date Range: The date range options you have are All Dates, Last Month, Last Year, This Month, and This Year

Calculation Notes

  • Only invoices that have payment applied in the selected date range are shown. All calculations are done when payment is actually applied to the invoice. For example, if you received a retainer in March but applied it in April, the corresponding invoice will show it in the April report.
  • If any discount was provided in the invoice, that discount is allocated to Timekeepers proportionally. This effectively reduces “Billed Fee” of individual Timekeepers in proportion to the discount provided.
  • The summary section lists totals for individual Timekeepers as well as Matter Owners.

Calculation Example

Invoice

Date

Invoice #

Timekeeper A

Billed Amount

Timekeeper B

Billed Amount

Expense

Cards

Invoice

Discount

Total Invoice

Amount

07/01/2019

101

$200

$100

$50

$30

$320

Timekeeper A Billed Fee (including Discount Allocation) = $180    ($200 – 10% discount allocation)

Timekeeper B Billed Fee (including Discount Allocation) = $90      ($100 – 10% discount allocation)

Total Billed Fee (including Discount Allocation) = $270
 

Payment Date

Amount

Total Collected Fees

A’s Portion of Collected Fee

B’s Portion of Collected Fee

08/01/2019

$160

$110*

= 110 x 180/270

=> $73.33

= 110 x 90/270

=> $36.67

09/01/2019

$160

$160

= 160 x 180/270

=> 106.67

= 160 x 90/270

=> 53.33

* First $50 is allocated to the Expense reimbursements.

Preview Report

Once your filters are set, to preview the report, click the View button at the top right of the window.

Export or Print Report

You can export all reports to either pdf or excel. 

To do so, select the format you want, in the ‘Print as’ field, then click Download

This will save the report to your default downloads location where you can then print, or save to another location. 

Sample Report 

Updated on December 9, 2019

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