Income Allocation Report

The Income Allocation Report is a versatile tool that will help your firm track invoiced and collected amounts across your firm and can assist with compensation and billable time calculations. 

Table of Contents

• Getting Started
• Run an Income Allocation Summary Report
  • Filters
  • Important Notes
• Run an Income Allocation Detail Report
  • Filters
  • Important Notes

Getting Started

triConvey offers two types of Income Allocation Reports:

• Income Allocation - Summary

• Generate the figures for amounts collected filtered by Matter Type, Area of Law, Person Responsible, Timekeeper, Client or Referrer, Introducer, Matter Number, Invoice Number, and even by Firm Branch.
  
  
• The above filters can also be run as Subtotals.

• Income Allocation - Detail

• Generate a similar report as the Summary version but allow for further information to be included such as the Matter, Client, Invoice and Payment details.
  
  
• This detailed version of the report will help your firm review whether payments were applied correctly. 

Tip:  If you're completing forms for your firm's Professional Indemnity (PI) insurance, running the detailed report with the "Run By": Practice Area" filter selected will produce the relevant figures.

Run an Income Allocation Summary Report

1.    Select the Reports tab from the left menu in the triConvey Companion Site web app.

2.    Select Income Allocation - Summary.

3.    Review the filters at the top of the screen.

4.    Click the View Report button on the rightmost side of the filter banner to run the report.

Filters

• Payment Date From and Payment Date To - select a specific time period you would like to see information for. These must be populated before running the report.
  
  
• Run By and Subtotal By - give you further flexibility in how you see your income being allocated. Both filters have options for Matter Type, Practice Area, Person Responsible, Introducer, Timekeeper, Client, Referrer, Matter, and Invoice Number. If you wish to exclude Subtotals from the report, select None for Subtotal By.

• For example, if you wanted to see your income by person responsible, and then see subtotals for each timekeeper who worked on that person’s matters, you would set the Run By filter to Person Responsible and the Subtotal By filter to Timekeeper. Alternatively, if you wanted to just see the income by timekeeper, you would set the Run By filter to Timekeeper and the Subtotal By filter to None.

• Branch - allows you to see reporting for specific firm branches if needed. Branch locations need to be configured in Settings for this to be available.
  
  
• Show Percentage - gives you the option to include a percentage column next to each value column (Fees % will be added next to Fees Collected, Total % will be added next to Total Collected, etc.). These percentage columns show how much of the total is comprised of the value on a particular row.

• For example, Timekeeper A’s $11,000 collected this month comprise 30% of total collections for the month.

• You can save the filters selected when generating a report to be the current default for the firm by setting Save Filters as Firm Default to Yes.
  

Important Notes

• Partial payments for an invoice are applied pro-rata across fees and disbursements.

• Partial payments are applied pro-rata across fees and disbursements.
• Waived amounts are also considered partial payments.

• Discounts are applied to fees only.
  
  
• Interest and credits are excluded.
  
  
• The subtotal filter (other than <None>) reflects the percentage of the group, not the total for the report.
  
  
• Credit Balances are included as negative values.

Run an Income Allocation Detail Report

1.    Select the Reports tab from the left menu in the triConvey Companion Site web app.

2.    Select Income Allocation - Details.

3.    Review the filters.

Filters

• Payment Date From and Payment Date To - allow you to run the report for a specific time period and they must be entered before the report can be run. 
  
  
• Run By and Subtotal - give you tremendous flexibility in how you see your income allocated. Both filters have options for Matter Type, Practice Area, Person Responsible, Introducer, Timekeeper, Client and None.

• For example, if you wanted to see your income grouped by person responsible, and then see subtotals for each timekeeper who worked on that person’s matters, you would set the Run By filter to Person Responsible and the Subtotal filter to Timekeeper. 
  
  
• If you wanted to just see the income grouped by timekeeper, you would set the Run By filter to timekeeper and the Subtotal filter to None.

• Include Details - allows you to choose the report’s level of detail. Based on your selection, it will either show income at the matter level, invoice level or payment level. 
  
  
• Branch - allows you to see reporting for specific firm branches if needed. Branch locations need to be configured in Settings for this to be available.
  
  
• Timekeeper, Person Responsible, and Introducer - give you the option to limit the results to specific individuals.
  
  
• You can save the filters selected when generating a report to be the current default for the firm by setting Save Filters as Firm Default to Yes.

Important Notes

• Partial payments for an invoice are applied pro-rata across fees and disbursements.

• Partial payments are applied pro-rata across timekeepers.
• Waived amounts are also considered partial payments.
  
  

• Discounts are applied to fees only.
  
  
• Interest, surcharges, and credits are excluded.
• Credit Balances are reflected negatively and are indicated by a * in the Payment Date column.