Users can store and track deposits and retainers in a new project Billing section tab, called Project Funds. The project funds are separate from operating payments and expenses.
Users can add a deposit or retainer to the project funds, and then use project funds for a payment. The project funds tab tracks the running balance and current balance of the funds, and the project fund’s current balance is available in reports, as a merge code in the invoice template, and as a vital.
- Project Funds Tab
- Add Project Funds
- Make a Payment Using Project Funds
- Reports, Templates, and Vitals
Project Funds Tab
Project funds are stored and tracked in a new tab in the project’s billing section. Navigate to a project’s billing section and then click the new tab, Project Funds.
The project funds tab tracks all changes to project funds, in reverse chronological order, and displays the current balance at the top. Deposits and retainers can be added to the project fund in this tab.
Add Project Funds
Project funds can be added in the Project Funds tab. Click + Add Project Funds at the top right. In the flyout, select the date, an optional reference, the source, and whether the fund is a deposit or a retainer.
Enter the amount, and click Save.
Once the fund is saved, it will be added at the top of the list of fund transactions with the description “Add project funds” and the running balance at the time of this transaction.
To edit a deposit or retainer transaction, click on the transaction in the list to open it. In the flyout, all fields can be edited except for the amount field and the date field.
Deposit and retainer transactions can be voided. If the voided deposit or retainer makes the overall project funds balance negative, the amount will be represented in parentheses to indicate this.
To void a deposit or retainer transaction, click on the transaction to open it. In the flyout, click Void Entry. Confirm that you would like to void the transaction. Voiding cannot be undone, so exercise caution when voiding a transaction.
Once a transaction has been voided, it will be tagged as Void, and the running balance of that listed transaction will update to reflect the voided status.
When the project funds balance is positive, the Refund button appears at the top right of the Project Funds tab. This button allows you to track funds refunded to a client. For example, you may use the refund function to refund the unused portion of the retainer at the end of a case.
This button allows you to track a transaction that was used specifically for this purpose. A refund transaction will read “Refund” in the fund type column in the transaction table.
To refund, click the Refund button in the top right. In the flyout, fill out the fields and click Save.
Make a Payment Using Project Funds
Anywhere you would normally make a payment—from the project, or from the Billing Advanced tool—you will now have the option to use project funds to make that payment.
When the payment modal is opened, you will see the Use Project Funds option available, with the current balance in parentheses. This option is automatically selected if the project funds balance is above zero. When the Use Project Funds option is selected, the source will automatically be listed as “Project Funds.”
If the payment is more than the current balance of the project fund, you will be given an error message and you will not be able to save the payment using project funds.
Payments can be edited and voided as usual, and these changes will be reflected in the project funds tab. Note: When a payment is made using project funds, the payment’s source is not able to be edited.
Payments made using project funds are listed in the project funds tab with the fund type “Debit.” These transactions can be viewed and opened, but cannot be edited or voided in the project funds tab. They can be edited or voided as payments.
The debit transactions in the project funds tab include the automated description “Project funds used for payment,” the fund type “Debit,” the amount in parentheses, and the running balance of the project fund.
Reports, Templates, and Vitals
The project fund's current balance is available in the project billings report section, which can be included on the following report types:
- List of Projects
- List of Docs
- Calendar Events
- Billing Items