Having your data set up for proper reporting and documentation is very important.
With PracticePanther you're given the ability to set your own account strictly for Settlements (as opposed to your regular trust account) and you can set an Invoice template so you can have Invoices showing the settlement information. This way the information shown and even the verbiage can be specified to your needs on a case by case basis.
To set up an account solely for settlements:
1) Click on "More" > "Bank Accounts" > "Manage Accounts".
2) Click "New Bank Account".
3) From there you can give it a name, Choose the Account Type, and optionally, you can put your bank info for reference.
What Happens Now?
Now you'll be able to see and select the account when inputting your settlement/winning in the matter.
Note: The type of Account chosen affects where you're going to see the information on your Financial Summary.
Selecting "Trust" will make it appear in the "Trust" bubble, and selecting "Operating" shows it in the "Due/Credit" bubble.
Once you have your account all set up, now you can start developing an invoice that will show the details for that account!
To create a contingency specific invoice template:
1) Click on your account name up on the top right, and click "Settings".
2) Under "Invoices & Payments" click on "Invoice Options".
3) Then click on "New Invoice Template".
4) At this point, you can give the template a name, and then default all your settings to your preference.
Note: Depending if you want the settlement amount applied to the invoice upon generating the invoice, you may want to default the "Use trust/operating account balance to pay this Invoice" option under "Default Payment Options".
5) At the very bottom click on "Show More Options".
A list will expand of Items that can be selected to be visible on the invoice.
6) Scroll down toward the bottom until you see a sub-section called "Account Balance". There you would have the option to show the Operating/Trust account ledger and you also have the option to change the verbiage shown. Select either based on the type of account you selected to make the account.
What Happens Now?
Now that you have your template ready to go, you can select it when making your invoice(s).
When you generate your invoice, you'll get the Invoice with all the details you selected.
Additionally, you'll be able to run reports about all your settlements entered in that account.
To learn more about Contingency Billing, click here.
To learn more about invoicing, click here.