Finance

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TeamConnect can track various financial components of a project, such as attorney time and vendor bills (Invoices) and internal business costs (Expenses). You must set the appropriate budgets and reserves (Accounts) to use invoices and expenses.

Accounts play a central role in the TeamConnect finance area. Each account can track transactions according to the desired posting criteria, which can be a combination of projects, vendors, involved contacts, and types of transactions.

If you have e-billing through Collaborati Spend Management (CSM), you can also use budget requests. Through Collaborati, vendors approve budgets for a matter.

Note: The finance area in TeamConnect can track financial transactions electronically but is not tied to real monetary accounts.

The following diagram illustrates how all the financial parts of TeamConnect work together.

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Before you can post expenses or invoices, you need to create an account to track transactions.
In addition to posting to accounts, expenses and invoices save to the Invoices/Expenses page of a matter when you associate them with a matter.
If you use CSM, you can submit a budget request for each combination of a vendor and a matter. After you submit a budget request and the vendor approves it, the accounts listed on the budget update the Total Allocated amount for the account.

Note: The pages where financial information save depend on your system configuration.

Tasks

Tasks are a type of transaction that can also post to designated accounts. For more information, see Tasks.

The following table provides links to detailed documentation for the various components referenced in this article/topic.

Components	Description
Accounts	This page explains how accounts in TeamConnect are used to electronically track posted transactions - such as expenses, tasks, and invoices - for record-keeping purposes. It outlines the two types of accounts: Budget, which represents allocated funds for a given period, and Reserve, which represents funds set aside specifically for matter settlements like legal fees
Expenses	This page provides an overview of how expenses are managed in TeamConnect as internal costs incurred by your organization, such as office supplies, transportation, phone calls, and meals. It explains the two types of expenses: Project-specific, which are tied to a particular project, and Global, which are not linked to any specific project.
Invoices	This page provides a comprehensive guide to managing invoices in TeamConnect Enterprise. It covers key actions such as viewing, searching, adjusting, editing, creating, posting, and rejecting invoices. It also explains features like invoice versions and multi-currency support. Invoices can be posted to accounts and projects based on the specific posting rules defined for each account.
Budget Requests	This page explains how to use the budget request feature in Collaborati Spend Management (CSM) when integrated with TeamConnect. It outlines how clients can send budget requests to offices for approval, with each office-project (Matter or Dispute) pairing requiring a separate request. Once approved, the submitted cost estimates are posted to the corresponding project account records. The approval process for budget requests mirrors the workflow used for invoice approvals.
Updating Exchange Rates	This page provides an overview of how to update exchange rates in TeamConnect using the Exchange Rate tool. It explains that exchange rates define the value of a foreign currency relative to the default currency set in the system. Users can update rates either by uploading a CSV or Excel file with the necessary data or by manually entering the updated rates directly on the Exchange Rates page.
Interactive Invoice Review - Admin Guide	This guide explains how to enable the Interactive Invoice Review feature in TeamConnect Enterprise 5.0 and later. The feature can be activated through the Setup tool, allowing users to streamline invoice review workflows. Matter Budget Insight: The Matter Budget Insight widget displays the Allocated Matter Budget account associated with a selected matter, offering insight into budget tracking within the matter record. My Approvals: The My Approvals page provides a centralized location for managing your approval tasks across various approval processes. My Approvals Admin Guide: The My Approvals Admin Guide provides a centralized location for managing your tasks as an approver for approval processes.
Interactive Invoice Review - End User Guide	This guide outlines the new streamlined line item review feature introduced in TeamConnect 6.3. It explains how users can enable this functionality to efficiently review and manage invoice line items, improving the overall invoice handling process.