There can be cases where an attorney and their client agree on a payment schedule where the client pays a set fee each month. An attorney has the option to set up the Matter for Hourly billing and merely create a Flat Fee time entry each month. For more information on how to do that, Click HERE.
But what if the attorney wants to set the Matter as a Fixed Fee case for their accounting reports and still bill a set amount each month? Fortunately, there is a way to do this as well.
Let's say hypothetically that an attorney takes on such a Matter and makes an agreement with Client A that they will pay $1,000 per month in fees. The attorney and client also agree that the Matter will take at least a year to complete.
When the attorney creates the Matter, they would set it as a Fixed Fee and make the amount to be billed $12,000 - for 12 months at $1,000 per month.
When the time comes to invoice Client A for the first monthly payment, the attorney would go inside the Matter and then go to the Invoice tab to create the first invoice by hitting the Add button.
This brings up the Add Invoice screen. There the full amount of the Fixed Fee will be represented in the amount to be billed.
However, that Fixed Fee field can be changed to the amount you want. In our scenario with Client A, the attorney would change the amount to $1,000 then hit Generate to create the invoice.
This will generate an invoice for the agreed-upon monthly fee.
Additionally, the Matter will now show the remaining $11,000 yet to be paid as an Unbilled Balance. Each month, the attorney will repeat the process until the Matter concludes.