Post Payments

The Post Payments application tracks an advisory firms account receivables. This payments are automatically posted into the application to track which clients have paid their invoices and which have not.  If you have clients making payments by check or ACH you can manually post the payments in order to track outstanding receivables.


Why use Post Payments?

  • Track outstanding receivables with your clients’ accounts internally as well on client invoices. 
  • Mark balances paid by check as paid in order to run performance net of fees. 
  • Run queries based on what the client has paid vs the billed amount due. 

Breakdown of the tools within Post Payments

Management Fees Not Posted:

This audit can be used if you have Auto Post enabled which automatically posts any payments that come over from the custodian. If the fees posted do not match the outstanding balance which is usually caused by three reasons.


  1. The transaction was coded incorrectly when it came over from the custodian. The Auto Post tool will only look for transactions coded as Management Fee transactions. 

  1. The management fee transaction total is greater than the billed amount due.

  1. The management fee transaction total is less than the billed amount due, the system will post the partial payment amount and leave the outstanding balance on this audit. 

You can manually post any payments found on this audit as needed by right clicking on the row


Post Payments

Post receivables as paid or write-off receivables as uncollectible. The right sidebar of this page contains tools that allow you to tailor the grid view to your specific needs, making it easier to locate particular receivables. Additionally, the 'Actions' menu in the sidebar provides options to post payments, reverse previously posted payments, and generate various reports related to receivables.

Posted Payments

Review all payments that have been posted by either date or batch number. You can also un-post a payment using the Action option. 

Outstanding Receivables 


The Outstanding Receivables tab will allow you to see a record of all unpaid receivables and keep track of fees that are still overdue.


How to Post Payment

Below are the steps to post a payment within Orion. 


  1. Navigate to the Post Payments tab within the Post Payment app. 
  2. Update the parameters on the right sidebar menu to filter the results down to the payments that you would like to post. 
  • Start and End date based on the day the bill was created rather than the bill period dates. 
  • Entity Level: Filter the grid to view and post outstanding receivables by:

Household: One particular client.

Account: All accounts.

Leave the Fund Family as (all) to see all of the results, unless you would like to narrow your search results by a specific Fund Family. 


  1. Click Refresh Grid 
  2. Update the applicable Payment Date towards the bottom right corner. This date is shown on the client's invoice, and it's a best practice to reflect the payment date as accurately as possible.
  3. If you would like to only post a partial amount click the row in the Amount Paid column and edit the amount to post. 

  4. Select the applicable receivables in the grid that you want to post or select Post All in the Actions dropdown to post all receivables that are currently in the grid as paid.

     

  5. Once the receivable(s) are highlighted, right-click on them to

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    Post Selected.

     

  6. Enter a Batch Number; this is just an internal reference number for your firm. This can be anything you'd like to help reference back to this batch of receivables. As a best practice, use a consistent naming convention for easy reference such as 25Q1.

After posting, the receivables disappear from your grid and move to the Posted Payments tab. 

How to Write - off a Receivable as Un-Collectable

If there are situations where you ever need to write off a receivable as un-collectable:

1. Check the Writeoff/Uncollectable box.

2. Highlight the receivable then right-click and select Write Off Selected


Important Note: This action cannot be undone and it shows on the client's invoice that their fee was written off. Run Data Query ID 6986 to see a history of receivables that have been written off in Orion.