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Collection by Timekeeper Report

Introduction

The Collection Report contains fees collected by timekeeper in your firm.

Purpose of the report

To 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.

Challenges of Manual Calculations: 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, fees amounts would be considered paid. This gets very complicated if invoices are paid in multiple payments over a period of time.
  • Proportional allocation of discounts and fee payment is cumbersome and error prone.

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

CosmoLex Report 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

07/01/2015

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

08/01/2015

$160

$110*

= 110 x 180/270

=> $73.33

= 110 x 90/270

=> $36.67

09/01/2015

$160

$160

= 160 x 180/270

=> 106.67

= 160 x 90/270

=> 53.33

* First $50 is allocated to the Expense reimbursements.

To Access Report

Go to Reports > Financial Productivity > Collection by Timekeeper

Report Details

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

To preview the report, click view.

To download the report, choose the ‘print as’ format (PDF or Excel) and click Download

Updated on May 28, 2019

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