Here are the steps included in a billing cycle:
Step 1: Enter time to be billed
You enter time to the bill using time tickets.
Step 2: Add soft costs to the bill
When you add and post soft costs, the cost is automatically added to the bill.
Step 3: Enter hard costs to bill
When you add and post payables, the client’s portion of the payable is automatically added to the bill.
Your vendors need to be entered into your Abacus Accounting database.
Step 5: Deposit payments (including retainers) into accounts
Step 5a: Enter client payments on account
When a client is paying an invoice for services that have been earned, the money goes into the operating account.
Step 5b: Deposit money into the trust account
If the client has given you a retainer, the money needs to be deposited to the trust account.
Step 6: Organize the prebill and generate the actual bill
This is a big step because it involves the following sub-steps: Create the prebill, review the prebill, adjust the prebill, and generate the actual bill.
Step 7: Generate the Combined Matters Cover Page
If you are billing a client with multiple matters, the Combined Matters Cover Page will help you provide a professional presentation of the bill.
Post the bill after you’ve sent it to the client. This will update billing information to your matter billing activity, your accounts receivable, and various reports.
If you are working with a trust account, Abacus Accounting will automatically generate trust check requests after the bill is posted. You need to print the trust checks immediately after posting client bills.
Step 10: Record client payments
After you get paid, you need to give the client credit for the payment in your books. Trust checks that were printed also need to be applied as client payments.
Step 11: Send out reminders of unpaid invoices to clients
The Interim Statement lists items that have been billed to your client but not yet paid and provides a professional reminder that payment is due.
Step 12: Maintain unpaid invoices
Abacus Accounting lets you view invoices that have been sent and posted, but full payment from the client has not been received.