Accounting Tab

The Accounting tab is your financial command center for each claim. It provides a detailed breakdown of all monetary transactions, from initial settlements to final commissions, ensuring accurate financial tracking.

The tab is divided into several sub-sections, accessible from the left-hand menu.

Summary

This is the main dashboard view for the claim’s finances. It provides a high-level overview with key metrics:

• Total Payments: The sum of all payments received from the carrier.
• Funds to Client: The portion of the total payments due to the client after deducting fees and billable expenses.
• Company Fee:
  • Gross Company Fee: The total fee calculated based on the fee structure (e.g., 20% of total payments).
  • Net Company Fee: The Gross Company Fee minus any company-paid expenses and commissions.
• Time Logged: A summary of total time and billable time logged in the Activity tab.

Generate Invoice

From the Summary view, you can generate a professional invoice for your client.

1. Click the Generate Invoice button.
2. In the “New Invoice” modal, enter the Invoice Number, Invoice Date, Due Date, and any specific Terms.
3. Click Generate.

The system will produce a clean, downloadable PDF invoice that includes your company logo, the client’s details, and a line item for the company fee.

Settlements

This section allows you to track settlement offers and proposals.

• Add Settlement: Record a new settlement offer, including the date, coverage type, and amount.
• Outstanding vs. Recovered: New settlements appear as “Outstanding.” Once you receive the funds, you can Convert the settlement into a payment, moving it to the “Recovered” category.

Payments

Here, you can manage all payments received from the carrier.

• Add Payment: Manually add a payment or convert it from a settlement.
• Details: You can record the check/reference number, date, and amount. You can also upload images of the front and back of the check for complete documentation.

Expenses

Track all costs associated with managing the claim.

• Add Expense: Enter the date, amount, payee, and a description.
• Responsible Party: Designate whether the expense was paid by the Client or the Company.
• Billable: If an expense is marked as “Billable,” it will be deducted from the “Funds to Client” total. Non-billable company expenses are deducted from the “Net Company Fee.”

Commissions

The Commissions section helps you calculate and track payouts to your staff.

1. Click Add Commission Worksheet.
2. Select Payments & Expenses: Choose which outstanding payments and expenses to include in the calculation. This allows you to run commissions on partial payments.
3. Assign Commissions: For each staff member on the claim, you can assign a commission based on:
   • Percentage: A percentage of the Net Company Fee for the selected transactions.
   • Flat Fee: A fixed dollar amount.
   • Time: A rate multiplied by the billable hours logged by that staff member.

The system automatically calculates the total commission for each staff member based on your inputs.