Billing Exceptions
We all know they're a pain, but sometimes there's no way around them. In the following list, you'll find a number of useful instruments that could prove to be quite beneficial.
- Linking Accounts for Billing (applicable when billing in arrears)
- Done when transferring to new account or custodian, but no gap in data or flows in/out
- Cancel old account
- Zero out
- DO NOT create final bill
- Once cancelled, mark "Active" again via the general edit screen
- Find new account (MUST be in same registration as the account its being linked to)
- Edit Account>Billing>Linked Account (select account to be linked)
- NOTE: Linking must always be done in the NEW account, and the linked account MUST be active.
- Edit Account>Billing>Linked Account (select account to be linked)
- Cancel old account
- Done when transferring to new account or custodian, but no gap in data or flows in/out
- No Fee Accounts
- Don't want to bill an account? Assign "No Fee."
- HOWEVER, this account's value WILL be included in the HH aggregate value for billing, unless you exclude. EX: if you exclude a $1M account, and there is another account valued at $2M, linear structure will include the $1M when creating breakpoints.
- Remove from aggregate?
- Account "general billing" tab, deselect "include in aggregate" and ensure account has "no fee" fee schedule
- Don't want to bill an account? Assign "No Fee."
- General Account Adjustment
- Under Account>Billing>General account
- Enter any one-time adjustments (ex: discount $100 as refund for xyz)
- Entity should always be REP
- Enter any one-time adjustments (ex: discount $100 as refund for xyz)
- Under Account>Billing>General account
- Cancelling Accounts
- If the account is no longer being managed by your firm
- If a client terminates with your firm
- If an account transfers from one account to another
- You simply do not want the account downloading to the Orion Platform
- NOTE: You are invoiced for any account on the Orion platform that has a balance, regardless if they are active or not, so it is vital that you cancel them correctly in the system
- Excluding Assets from Billing
- This function is available only at the advisor/database level.
- Relating Households for Billing
- How to combine household values for billing breakpoint purposes
- Note: REPs need to complete in Portfolio Audit App, as they do not have access to billing audit app
- How to combine household values for billing breakpoint purposes
- Pay Methods
- Discuss pay method options
- Direct vs. Indirect
- How to set one account to pay for another
- Additional information
- Note: REPs need to complete in Portfolio Audit App, as they do not have access to billing audit app
- Recurring Adjustments
- Entity is always REP
- Using Portfolio Audit, not Billing Audit