Tracking matter budgets is simple in Centerbase! Creating two fields and a quick trigger set you up with a self-tracking matter budget calculator.
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First, create a number field on the matter for Matter Budget, which users will enter when creating the matter. Next, create a number field for Invoiced + WIP to calculate the total amount invoiced to the client plus the open work-in-progress. Configure the field to have a calculation for the sum of all associated billing entries. |
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Then create another number field for Remaining Budget. Configure the formula on this field to equal the Matter Budget field minus the Invoiced + WIP field. This field will tell us how much of the Matter Budget remains after we have billed all available work. In the figure below, we display the Matter Budget (entered by the user) and the Remaining Budget side by side. Using the Matter Dashboard (see section 11.1) we can confirm our calculation field is working because the Current Work-In-Progress is $9,804.50 + Total Billed of $4,975.00. Subtract the result from the Matter Budget and we get the Remaining Budget of $220.50. |
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Comments
1 comment
The formula should be updated and the instructions more detailed.
First, it should state that this is done in the Admin Tool, under Matters, Add the following Fields.
For Matter Balance: Create the Field, Field Type = Number.
For Invoiced + WIP: Select New Rollup and select the Linked items: Billing Entries, Sum, Field to Aggregate: Billable Value. <<SUM(Billing Entry.Billable Value)>> (I did not have a "Total" option as shown in the screen shot)
For Remaining Balance: Select the "Field" button and Matter Budget; then the "Operators" button and Subtract; then the "Field" button again to select Invoiced + WIP.
Hope this helps future budget creators!
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