Fundamental Terms

Question 1

Advanced Client Search

Answer 1

With this option you will see all the clients in which you are listed as the BIC.

Question 2

BIC

Answer 2

Biller in charge

Question 3

Bill Edit and Approve

Answer 3

This option will show you the bills you have in progress which you can edit or send for approval.

Question 4

Bill Format

Answer 4

The Bill Format section is where you select the most appropriate invoice layout for your bills.

Question 5

Bill Number or Bill Reference

Answer 5

A unique number used to identify a bill. The bill number is only assigned once a bill has been approved.

Question 6

Billing Advisor (BA)

Answer 6

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.

Question 7

Child Client

Answer 7

Any other entities associated with the Parent Client (Ex. Subsidiaries).

Question 8

Cross Client Billing

Answer 8

Produce a single invoice for a client where the engagements included in the bill are from other entities.

Question 9

Draft Bill

Answer 9

A bill that is awaiting approval. Note: Draft bills do not have bill numbers associated with them.

Question 10

Engagement

Answer 10

Work performed for a client.

Question 11

Future Bill

Answer 11

One-time setup for a client to be billed automatically generated monthly, weekly or semi-weekly.

Question 12

Open WIP

Answer 12

All approved and unallocated WIP.

Question 13

Parent Client (Fees Client)

Answer 13

The first client selected who is responsible for paying the bill.

Question 14

PIC

Answer 14

Partner in charge.

Question 15

Progress Bill

Answer 15

Template that allows you to create a bill without allocating any WIP.

Question 16

Standard Client Search

Answer 16

This option allows you to search for one specific client, based on either the client name or the client number.

Question 17

Summary Grid

Answer 17

With this option you will be able to choose and insert standard billing paragraphs into the bill body.

Question 18

Undo Bill

Answer 18

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.

Question 19

WIP

Answer 19

Work in progress

Question 20

WIP Balance

Answer 20

Total of outstanding (unbilled) Time + Expenses

Question 21

WIP Bill

Answer 21

Template that allows you to apply the outstanding WIP to the bill you are creating.

Question 22

Write-Off (WIP)

Answer 22

This is the process of reducing WIP without creating a bill, which creates a write-off.

Question 23

Write-Up (WIP)

Answer 23

This process is when a bill is created and allocated with a higher value than the WIP balance, creates a write-up.

Question 24

Zero Bill

Answer 24

Template that allows you to write off WIP.