Fundamental Terms Flashcards
Advanced Client Search
With this option you will see all the clients in which you are listed as the BIC.
BIC
Biller in charge
Bill Edit and Approve
This option will show you the bills you have in progress which you can edit or send for approval.
Bill Format
The Bill Format section is where you select the most appropriate invoice layout for your bills.
Bill Number or Bill Reference
A unique number used to identify a bill. The bill number is only assigned once a bill has been approved.
Billing Advisor (BA)
Monitors billing and collections. This person will make sure that the assigned PIC’s and BIC’S understand and perform their responsibilities based on the Firm’s Billing Policies.
Child Client
Any other entities associated with the Parent Client (Ex. Subsidiaries).
Cross Client Billing
Produce a single invoice for a client where the engagements included in the bill are from other entities.
Draft Bill
A bill that is awaiting approval. Note: Draft bills do not have bill numbers associated with them.
Engagement
Work performed for a client.
Future Bill
One-time setup for a client to be billed automatically generated monthly, weekly or semi-weekly.
Open WIP
All approved and unallocated WIP.
Parent Client (Fees Client)
The first client selected who is responsible for paying the bill.
PIC
Partner in charge.
Progress Bill
Template that allows you to create a bill without allocating any WIP.
Standard Client Search
This option allows you to search for one specific client, based on either the client name or the client number.
Summary Grid
With this option you will be able to choose and insert standard billing paragraphs into the bill body.
Undo Bill
Available on any bill that is not Final Approved. Will delete the bill, and release any WIP transactions which were allocated to the bill making these available for billing again.
WIP
Work in progress
WIP Balance
Total of outstanding (unbilled) Time + Expenses
WIP Bill
Template that allows you to apply the outstanding WIP to the bill you are creating.
Write-Off (WIP)
This is the process of reducing WIP without creating a bill, which creates a write-off.
Write-Up (WIP)
This process is when a bill is created and allocated with a higher value than the WIP balance, creates a write-up.
Zero Bill
Template that allows you to write off WIP.
