This article shows how a billing record can be reviewed and describes details on each section of the billing record.
From Client Billing > Records → Click on a specific billing record.
Note: The 'Records' page defaults to the most current billing period. To see all billing records, click on the 'trash can' under the 'Filter by billing date' section.
Billing record sections:
- Description: Invoice description including billing frequency and billing period.
- Billable Balance: Billable balance used to calculate fees based on the assigned fee schedule.
- Prorated Start/End Date: Prorated fee calculated based on the billing start/end date. Note: 'Prorated Start/End Date' appears if fees have been prorated for the specific billing period. Assume no prorated fees if 'Prorated Start/End Date' does not appear.
- Period Effective Rate: Calculated effective billing rate based on the total management fee and billable balance.
- Billing Date: The billing record's billing date.
- Total Management Fee: System calculated management fee (includes both AUM and flat fee) based on the assigned fee schedule.
Prorated Inflows/Outflow Fees
Section is shown for fee schedules billing 'In Advance' with proration enabled.
This section shows prorated fees of prior period net deposits (deposits, withdrawals, and new accounts) by specific dates. For example, if billing 'in advance' for Q2, prorated fees are calculated from Q1 deposits/withdrawals/new account balances. Note: Net withdrawals are fee credits.
Fee By AUM Tiers
Section is shown for AUM or Combination fee schedules
This section shows the fees by AUM tier (aggregate billable balance by tier * annual rate * billed period). 'Current Period Total Fee' includes both flat and AUM fees.
Fee By Account
This section shows the billing fees by account. 'Market Value' is the value of the account when the record was generated. 'Billable Balance' is the account's balance used to calculate the management fee (ie account end of period balance). 'Total Management Fee' includes the 'Current Period Total Fee' (flat and AUM fee) and the prior period's prorated fee (ie for 'in advance' billing).
This section shows the fee allocated (ie fees to be withdrawn) by account, including fees allocated for direct payment (ie non-custodian accounts).
This section shows the disclosure statement provided in the fee schedule settings.