2 min read

Tip of the Week: Trust and Payment Allocations

Written by Maleeha Ahmad

Free on-demand webinar

How to Get Clients to Pay On Time: 15 Tips in 15 Minutes!

Watch Now

Recommended by

ForbesAdvisor - The Best Legal Billing Software Of 2022
Table of contents
2 min read

Tracking payments, knowing how much money you are owed, and allocating incoming payments accurately is an indispensable embodiment of any well managed and organized business. This week’s Tip of the Week will show our users how to record payments and allocate them to specific invoices.

When a payment has been received, the remittance for the payment can be recorded under the Payments>Payments screen. When users specify a Credit Type (Credit Memo/Payment/Write Off), the Payment Method drop-down gets populated accordingly. When the remittance for the payment is complete, click on the Allocate link next to the payment listed below to allocate.

A window will pop up giving you a few options on how you would like to allocate this amount:

Allocate Oldest First – will allocate the entire amount to the unpaid oldest invoice if you have multiple unpaid invoices listed under this Client-Matter.

Compute Equal Proportions – will equally distribute the allocation amount between all the unpaid invoices.

Allocation Date – the date the funds are to be applied to the unpaid balances. It is important to note that this date selection will affect how the reports are then run against this payment.

When allocating from Trust, click on Payments>Trust. Scroll to the bottom and choose ‘Select All-Allocatable‘ in the search field to pull up all allocatable payments. Then follow the same steps shown above to allocate the Trust payment.

When accurately allocating payments, it means uninterrupted income management and sets the stage to easily and quickly identify any shortfalls or errors immediately, saving you from a bigger headache later down the line when there’s a potentially big mess to clean up!

If you’d like TimeSolv support for more help in understanding Trust and Payment Allocations in TimeSolv, please call 1.800.715.1284 or schedule a FREE 30-minute session now!


Stay up to date with the latest articles, educational resources, and news

Subscribe to our newsletter

You might also like

Stop watch

Tip of the Week: LexShare & LexSign Integration

TimeSolv is excited to announce a brand-new integration with LexShare and LexSign. Users...
Stop watch

Tip of the Week: Recurring Expenses

The convenience of recurring expenses is obvious; it saves a lot of time for attorneys...

Tip of the Week: Editing Draft Invoices

So you’ve pulled up a draft invoice and see that there are some details that you need...

Tip of the Week: Non-billable Entries on Draft Invoices

TimeSolv now provides an option under Flexible Billing Templates to include non-billable...

Tip of the Week: Payment Link on Invoice

Payment links make it easier and quicker for your clients to pay, leaving firms with...

Tip of the Week: Resetting TimeSolv Password

It's always a concern for law firms holding...

Tip of the Week: Flexible Billing Templates

Bills, bills, bills! Are you one of those attorneys shuddering at the thought of having...

Tip of the Week: Retainer Invoices

It may be important for firms to charge their clients a monthly fee to maintain...

Tip of the Week: Time Entry Approvals

Approval systems can be an essential tool for ensuring quality control for your valuable...

Tip of the Week: QuickBooks Sync Tool

QuickBooks is an online payment option commonly used by law firms. In addition to its...