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.