Billing FAQ

Common Questions:

Audit File Questions

  • Why are there accounts showing on multiple rows in the Payable Summary Audit File?

There are a few reasons that an account can be on multiple rows in the Payable Summary. 

  1. The account is being billed on a tiered schedule and the account value reaches multiple tiers. Each tier will have its own row. 

For example, if your billing tiers are:

  • $0-$500,000 charged at 1%
  • $500,001 - $2,000,000 charged at 0.75%
  • $2,000,001+ charged at 0.5% 

If the account balance is $1,000,000 it will appear on two rows with the first $500,000 charged at 1% and the remaining $500,000 charged at 0.75%


  1. An account can have multiple rows on the Payable Summary is due to mid month/quarter cash flows. Use the Days in Cycle column to review any cash flows. 

  • What do the Contribution and Distribution fields mean in the Pay Method column on the Payable Summary?

These rows show money that is moving in/out of the account mid month/quarter. Orion will automatically mark the transactions as cash flows and include them in the account’s billing in order to bill as accurately as possible. 


Calculation Questions


  • What is the billing calculation being used?

Billed Value x Fee Rate x Days in Cycle = Fee Amount


  • How is Billed Market Value Calculated?

Period End Value - The system will look at a designated day of the account’s value to use as the billed market value. This is typically a quarter or month-end date depending on your billing frequency.


Average Daily Balance - The system calculates the average daily balance based on the average value for each individual asset within the account. It sums the end-of-day balance for each asset and divides each asset’s total daily balance by the number of days that the account had value. It adds each asset’s average balance together to determine the average daily balance of the account. 


Average Monthly Balance - The system calculates the average monthly balance based on the value for each individual asset within the account on the last day of the month. It sums the end of the month values for the period and is divided based on the number of months.