Create a Law Firm Invoice Template Word for Product Management Effortlessly

Law firm invoice template word for Product Management

hi this is Paul Carlson CPA with law firm velocity this video we're gonna run through creating client invoices from Clio so from the menu we go bills billable clients I want to use this filter to set our dates so we want to set our so in this simulation we are running invoices for the time of September 1 through September 15 2017 so we can set our start date to 0 9 0 1 17 through 9 15 2017 that a best practice we're seeing from law firms is they are running invoices twice a month that the increased communication with clients help smooth over issues and for growing firms we need the cash as quickly as possible to fund payroll one odd thing that I will typically do is I will set the start date to 1 1 mm just on the off chance that someone entered time in a prior year that this way will capture it and so we only want to bill for this matter for this example typically we want to go ahead and run invoices for all times within the system so with that filter and that in place where you go generate a couple days ahead for the example so if we're running the invoices for the through the 15th we would run those on the 19th and we would maybe set the due date a week later so that everything is due the 26th and we can generate the bill so now everything goes to the draft status so here's the invoice we just created so we can go over and view it let me quick change the bill theme and these example databases things get weird alright so here we have a draft of the invoice here's the three time charges here's the filing fee expense we have the invoice total and here's a statement of account so this all looks correct at that point we will say approve and you can delegate the approval to other people and from here we have the approved invoice we look down and Trust we have 25,000 dollars in trust that we want to apply to the invoice so we go up to payments we're going to add a payment we're going to do the payment as of the invoice we're gonna do the payment that date after the invoice has issued the source is the trust account and all of the we keep trust money on the matter so here we have five thousand dollars on trust so we can go ahead and make that payment and we're going to have the funds go into the operating account so from here we can do post the payment let's go back over to the invoice and so what we're expecting to see is that the balance due is zero and that we can see that the payment came out of trust that the things I'm looking for is most of the time we use trust money to pay client invoices so I'm expecting to see this to be zero and I'm looking for the trust draw as of today's date to make sure that we didn't say the accidentally say that payment was from operating funds which wouldn't reflect the trust draw from here we're good and so at this point we can share the invoice and so we could email this directly to the client and from here it will be emailed out and with that the just a quick introduction of the bill going out there's typically a couple approval processes in involved before just one person sends everything out the door the one thing to be careful of is we created the invoice and we told Clio to use trust money to pay the invoice but the trust money has not been moved at the bank so the final step after this is once the invoices are done that we need to go over to the bank account and make transfers from trust into operating for all the invoice payments and with that there's a very quick and very brief introduction to billing from Clio if you need any help with your law firms accounting please give us a shout at law firm velocity thanks bye bye