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Mitratech Success Center

How do I Create and Edit a Budget on a Matter?

This page details how to create a budget against a matter.

 

 

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.  

Matter_ViewBudget.png

Understanding the Budget Screen

Click the + to expand tables that have fields and descriptions found on the matter's budget screen.

+ Budget Information Fields

Field

Description

Total Current Budgeted

The total value of all budgeted amounts. If the Life of Matter Estimate setting is enabled, this field will also display a percentage value representing how much of the Life of Matter Estimate the Total Current Budgeted value accounts for.

Current Budgeted Remaining

The difference between the total budgeted amount for the matter and the total of all items in the Used column.

Total Budgeted - Total Used = Current Budgeted Remaining

Life of Matter Estimate

Estimated budget amount for the duration of this matter.

This field only appears if the Life of Matter Estimate setting is enabled. 

Total Spend to Date

Total spent on the matter to date.

If this amount is equal to or greater than the total estimate, an alert icon appears.

Total Pending

The total value of all standard and credit note invoices for the matter in workflow.

Total Not Budgeted

The difference between the Life of Matter Estimate and the Total Current Budgeted, as well as the percentage value representing how much of the Life of Matter Estimate the Total Not Budgeted value accounts for. This field only appears if the Life of Matter Estimate setting is enabled.

 

Creating a Budget for a Matter

You can create a budget on matters by adding the budget directly in the matter record. 

Matter_CreateBudget.png

 

Prerequisites

 

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.

  1. Search for the appropriate matter record and open it.
  2. In the left pane, click the Budgets link, then click the Create a Budget button (shown in the image above). 
  3. Select the appropriate Budget Template from the drop-down list. Click Next.
    Matter_Budget1.png
    Note: Scroll down for further information and use cases for each budget template.

     

  4. 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.

    Click Next.
    Matter_Budget2.png
     
  5. 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. 

    Matter_Budget3.png

The budget is saved and the matter is opened to its Budgets page. 

 

Budget Template Descriptions  

Template Type Description Example
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
Expenses for Law Firm A - $50.00

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
Expenses for Law Firm A - $300

Q2 - $1,000

Fees Law Firm A - $800
Expenses for Law Firm A - $200

Q3 - 0.00

Fees Law Firm A - 0.00
Expenses for Law Firm A - 0.00

Q4 - $1050

Fees Law Firm A - $1000
Expenses for Law Firm A - $50

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

  1. In the left sidebar menu, click the Budgets link. 
  2. Find the budget line item you want to adjust, then click the Edit icon EditBudget_Icon.png in the Action column
  3. Enter the new budget amount in the Amount field.
    Do not use commas in the new amount value.
    Matter_BudgetEdit.png
     
  4. Click Save.

 

 

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