File Financial Page

The Financials tab on Thread is divided into four sections, Bills, Payments, Requisitions, and Client Account. On the File Summary page, the Financial Details section gives an overview of all financial activities related to the file and is divided into two parts.  

The first half of the Financial Details section refers to bills issued from the file owner to a client, and payments or client receipts of payment to the file owner. 

The second half of the Financial Details section refers to all cheque requests taken out on the file and client account money (i.e. trust money). 

Bills and Payments 

Bills are invoices and bills issued from the file owner or solicitor to a client. The bill can include time spent on file activities and expenses. When you issue a bill, the amount appears as Bills Issued in the Financial Details section. 

Payments are receipts of payment to the solicitor or file owner from the client. So, if you issue a bill of €10,050 and the client pays off €250, you can add this €250 to the Payments tab, and it will be deducted from the outstanding amount for the file. All money received from the client directly to pay off fee earner costs should be added to the Payments tab. 

Requisitions and Client Account 

The Client Account tab can be described as a trust account for the client. Any payments received on behalf of the client from another party can be stored here.  

For example, if your client sells their house and the purchaser’s solicitor sends the fee for the property, this money would be added to the client’s account. This trust money can then be used for payments on behalf of the client such as paying another mortgage or paying for improvements to a home.  

Requisitions are all cheque requests made on the file. This can include cheques on behalf of the client to a third party, to another client, and to the office. Office to VAT cheques are also made through this tab. When cheque requests are made on behalf of the client, the money will be deducted from the Client Account. 

• Related Articles

• Requisitions

  The Requisitions tab is for cheque requisitions made on behalf of the client to a third party (i.e. a conveyancer). Solicitors and accountants can make requisitions directly through a file on Thread for a client, provided that the contact is linked ...

• Editing Bills

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• Mark a Contact as 'Primary Client' on a File

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• How To: Client Time History

  The File Reports section of Thread provides users with a complete overview of how much time members in the organisation have spent on files and the cost of time spent, based on users hourly rates. Client Time History Reports can be viewed based on ...

• File Permissions

  The File Permissions section of Thread allows you to control which users in your organisation can read, view, edit, and delete files and documents that you have created. Permissions can be managed in the Role Permissions section of Admin Settings ...