The Payments subsection exists within the Billing Setup Advanced tool. This subsection includes options to automatically apply payments and to automatically create payments using project funds. The section also includes invoice Terms.
The Payments subsection contains two tabs: Project Finances and Payments by Filevine.
Project Finances
In the Project Finances tab, select payment settings like automation options, default project funds amounts, and invoice terms.
Project Payment Settings
Multiple payment automation options can be enabled individually, or together to work in tandem.
When “automatic payment creation” is turned on, newly-created payments on a project level will automatically be applied to invoices. The payment will be applied to the finalized invoices with the oldest outstanding balance in that project, either zeroing out the balance or lowering the total due. When this option is toggled off, payments must be manually applied to specific invoices.
When “automatically create payments from project funds” is turned off, payments will not be automatically created. When it is turned on, you can choose to have payment records created automatically from project funds in two scenarios:
- When an invoice is finalized
- When money is added into project funds and there is a positive current balance (the balance for invoices owed)
If just the first option is selected, then when an invoice is finalized, a payment will automatically be created, sourced from project funds, for the balance of the invoice. If the invoice balance exceeds the project funds balance, then the amount of the created payment will be the project funds balance. If project funds are not available, the payment will not be created.
The second option allows outstanding invoices to be paid automatically, even if the payment money for the invoice is not in project funds at the time that the invoice is finalized. For example, if a firm had an outstanding invoice, the firm could request a replenishment. Then, when the money is added to project funds, the invoice is paid automatically with this option.
This option only creates a payment if the current balance of invoices owed is greater than zero.
- If the current balance is greater than the project funds balance, then the payment created is equal to the project funds balance, and the invoice will be partially paid.
- If the current balance is less than the project funds balance, then the payment created is equal to the current balance, and the invoice (or invoices) will be paid in full.
Project Funds Default Amounts
Users can set initial and threshold amounts for project funds. These amounts can help users keep track of when to request payments.
Under Project Funds Default Amounts, you can set the Org default for the initial and threshold amounts. These amounts can also be set at the project level.
These amounts will appear by default in the project funds tab of all new projects. They can be edited there on a project-by-project basis by project Admins.
Invoice Terms
Terms refer to the length of time between the invoice date and when payment is due, and are used to calculate the default due date for an invoice. The invoice due date can be adjusted before finalization.
By default, the term code “Net 30,” making invoices due in 30 days, is included. To add new terms, click + Invoice Terms at the top of the table. In the Add Invoice Terms flyout, fill out the name and number of days. If you would like the term to become the default for the Org, select Set as Org Default. When you are finished, click Create to add the new term.
Invoice terms can also be edited or deleted by clicking on the term in the table to open the flyout, where you can edit the name and number or click Delete. (An invoice term that is set as the Org Default cannot be deleted.)
Payments by Filevine
Orgs with Payments by Filevine have additional options for configuring how Payments interacts with Filevine. Learn more about Payments by Filevine.
Invoice Payment Link Options
Under the Payments by Filevine subsection, you can see the Invoice Payment Link Settings.
If the first option is toggled on, clients will be able to make partial payments towards an invoice. By default, the minimum amount the client can pay at once is set at $1, but you can adjust this to be higher if desired.
If the second option is toggled on, clients will be able to pay off their total owed in one payment.
Default Deposit Destination
Users with Payments by Filevine enabled can set their deposit destinations for payments made via project-specific payment links, including invoice payment requests and project funds payment requests. The accounts selected here are the Org default, but account selections can be overwritten at the project level in the project’s Settings tab.
Payment links generated from a Filevine invoice will use the selected “Invoicing” account as the default destination. For invoice-specific payment links:
| If the destination account is | Then |
|---|---|
| an operating account type | Incoming payments are listed as payments in theTransactions are of the project Billing section. Payments are applied to the invoice for which the link was created, and the invoice is marked as paid. |
| a trust account type |
Incoming payments are listed as a credit in Project Funds. If the invoice for which the money was request has not been fully paid, then:
|
Payment links generated from a Filevine project funds section will use the selected “Project Funds” account as the default destination. The incoming payment is listed as a credit in project funds.
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