The Payments Collected report presents a comprehensive overview of all payments received by the law firm. This report is critical for tracking payments against invoices, ensuring accurate cash flow management, and maintaining a clear record of client financial transactions.
Insights Expected from the Payments Collected Report
This report delivers vital insights that help law firms maintain an accurate record of their financial inflows:
Payment Records by Client: The report organizes payments by client, giving a clear view of which clients have made payments and the amounts they have settled.
Matter-Specific Payment Tracking: It allows firms to track payments by matter, ensuring that revenue is attributed to the correct case and that no payments are missed in the billing process.
Invoice Reconciliation: The report helps reconcile payments against specific invoices, allowing firms to identify discrepancies or outstanding balances quickly.
Date-Based Payment History: The date-based organization of payments provides firms with a chronological overview of their cash flow, which is useful for identifying trends in client payment behavior.
Financial Forecasting: By reviewing payment patterns, law firms can more accurately forecast future revenues and ensure that they are on track with their financial goals.
To generate the Payments Collected report:
Navigate to the
Dashboard
.Click on
Reports
.Scroll down and choose
Payments Collected
.
You can refine the details by applying various filters. The report can be exported for further analysis, allowing firms to monitor payments and ensure that their financial records are up-to-date and aligned with client invoices.