What are Matter Budgets?
Each matter can have an associated budget that allocates specified funds toward future fees and expenses that are charged to the matter. Using the budget feature provides a method for comparing budgeted fees and expenses against actual fees and expenses submitted. Four budget templates are available based on time period: Life of Matter, Monthly, Quarterly, and Yearly.
Note: A budget does not need to exist to approve an invoice in TeamConnect Essentials.
Viewing a Matter Budget
The Budgets page on the matter record displays budget information from the accounts related to the matter.
Understanding the Budget Screen
Click the + to expand tables that have fields and descriptions found on the matter's budget screen.
Creating a Budget for a Matter
You can create a budget on matters by adding the budget directly in the matter record.
- A matter must exist
- A fiscal year must exist
- An Involved Party of Outside Counsel Firm must be saved to the matter
- Multiple vendors can be added to a matter
- A vendor must be set up in TeamConnect Essentials as a contact before they can be assigned to a matter. View the Create a Contact Article page for further detail.
Steps to add a budget to a matter:
Note: All users can create a budget, but only the eBilling Administrator can roll them over and set fiscal years.
- Search for the appropriate matter record and open it.
- In the left pane, click the Budgets link, then click the Create a Budget button (shown in the image above).
- Select the appropriate Budget Template from the drop-down list. Click Next.
Note: Scroll down for further information and use cases for each budget template.
- Select the check-boxes for the appropriate vendors. You cannot continue until a vendor is selected.
Note: Depending on which Budget Template you selected in step 3, you might have to fill in Fiscal Year or Budget Start Date information. Each template is difference so the screen you see might differ from the screen shot below.
- Enter the appropriate allocation amounts in the respective Fees and Expenses fields, then click Finish. You cannot enter any negative or non-numerical values.
Note: Do not use commas to separate numerical values when setting up budgets.
The budget is saved and the matter is opened to its Budgets page.
Budget Template Descriptions
|Life of Matter Budgets||
Use the Life of Matter budget when detailed time periods are not a concern.
A LoM budget will provide 2 accounts (Fees and Expenses) per vendor for a single Fiscal Year.
Life Estimate - $14,650.00
Fees for Law Firm A - $1000.00
|Quarterly Budgets||Use the Quarterly Budgets template when matter spend needs to be broken down or analyzed by quarter per vendor.||
Q1 - $1,000
Fees Law Firm A - $700
Q2 - $1,000
Fees Law Firm A - $800
Q3 - 0.00
Fees Law Firm A - 0.00
Q4 - $1050
Fees Law Firm A - $1000
|Monthly Budgets||Use the Monthly Budgets template when matter spend needs to be broken down or analyzed by month per vendor.||Monthly budgets will follow the same breakdown as shown in the Quarterly example, but will have 12 months rather than 4 quarters|
|Yearly Budgets||Use this template for when matter spend needs to be broken down or analyzed by year per vendor.||
Fees for Law Firm A - $10000
Expenses for Law Firm A - $500
Editing a budget on a matter allows users with the appropriate permissions to edit or change the Total Allocated amount
- In the left sidebar menu, click the Budgets link.
- Find the budget line item you want to adjust, then click the Edit icon in the Action column
- Enter the new budget amount in the Amount field.
Do not use commas in the new amount value.
- Click Save.