The settlement model, can be accessed through the icon found on your computer desktop. Simply use the left button on your mouse, and double click on the icon that looks like a cash register. If you are already logged into any Perfect Practice program, you will not have to log into the settlement model. When the settlement screen appears, it’ll default to the first open case that’s been initialized. The top section, shows the matter ID and matter name of the default case. To choose a different case, click on the Matter ID ellipsis. The case list will appear. Choose the case you wish to view, and click on the OK button.
If this case has already been initialized, the selected values will display. If this is a new case that needs initialized for settlement purposes, enter any information you have, and click the check mark to initialize and save the settlement information. Let’s review the various sections of the settlement model. You’ll need to fill in the agreed upon Attorney fee percentage. The amount, will automatically be calculated for you. If there’s a referring source for this case, you need to enter the agreed upon referral percentage. This is a percentage of the total Attorney fee recovery. The amount field will automatically be calculated. To choose the referring source from the list of current parties in your database, click on the ellipsis for reference name, last name or first name. A list of all available entities, will be displayed. Choose the referring source from the list.
If the referring source is not currently in the list, click on the entities button, on the left menu bar. The entities entry screen will appear. Enter the referring source, save by clicking on the check mark. The referring source, will now be available in the drop down list. The costs section of the screen, displays the total costs advanced, on this case. If you utilize interim billing of costs to the client, you can exclude the billed costs from the settlement calculation, by clicking Working on the Exclude costs on posted bills check box. Hold for costs, is designed to allow you to specifiy an amount of the settlement to hold back for late arriving costs. Simply type in the amount you wish to hold back, or leave it blank. The total costs advanced, includes all costs you see on the case management time cost screen. These cost entries, will automatically accrue if you are using the Perfect Practice check writing, or they can be entered manually. When we actually print the settlement statement, the detail will be displayed.
The Liens and letters of protection section, is designed to track all wholesale jerseys China unpaid obligations, due from the settlement amount. Any of the information can be edited by clicking into the field you wish to change. If you negotiate a reduced amount for the client, you may wish to put in a negative amount, as shown in the example. Then your client will see the reduction you have negotiated. You can simply change the lien Amount if you wish. To add a new lien or letter of protection, click on the plus sign, or use the down arrow from the last entry. Liens and letters of protection, can be entered from the case management system or from the settlement model. It’s the same data.
The agreement language that prints on the settlement statement, defaults from the language set up under the global settings. It can be customized for each case. To modify the language at the case level, double click inside the language block. Change the language to whatever you need. When changes are made, the OK button will be activated. Click on OK to save your changes. The signature section, specifies which of your attorneys will be signing the settlement. You also have 2 lines for the client signatures. These will print on the actual statement. Once you’ve saved all of the basic information, you can make changes to see how different settlement offers, will affect the settlement. In this case, we’ll change the settlement amount to $125,000. Click on the calculate button, to see the new numbers
Now all numbers affected by the change have been recalculated. The Attorney fee amount is $41,666.67. Of that amount, 25% will go to the referring attorney, $10,416.67. We still have the $2,852.20 of costs advanced, $500 is still designated for the cheap jerseys Hold for costs, and $4,626.50 needs to go to pay the liens and letters of protection. This will leave $75,354.63 for the client. Click on the print button to see the actual settlement statement.
The numbers now reflect the changes we made. The settlement language is at the bottom of the page, along with our signature lines. An itemized list of the costs advanced, can be printed. You can include this if you wish.
Clicking the Global button, allows changing the default language for new cases. As we already saw, you can change the language for individual cases, if necessary. The options at the top, determine what will actually print on the settlement statement. The Default 1099 type, is for use when using the Perfect Practice accounting system. We have the capability to automatically request the settlement checks. A 1099 type is required for checks. Индикативные If you don’t need 1099’s for client settlements, you should setup a 1099 type 0, for no 1099 required. See the accounting tutorial, and contact your accountant for further information.
We’ll check the Show costs by Cost code, check box. As you can see, the cost advanced items are now summarized by their cost code. Once the case is settled, and your firm receives the settlement check, selecting the Generate Trust Checks button, will automatically request checks from the Perfect Practice accounting module. You’ll be asked to confirm that you wish to generate trust check requests. In the event there are insufficient trust funds available for this case, you’ll receive a warning. While it is highly recommended that you not request checks, until the trust funds have been deposited. The system, will not prevent you from continuing.
The settlement complete message, advises the user that the check request process has completed. The Generate trust checks option, is no longer available. If the check requests were inappropriately requested, utilize the cancel trust checks button, to cancel the check requests. The check requests can be viewed, by going to the Perfect Practice financial program, and selecting the Print Check Request option.
Here is the check request list from our example. First, we have the check to the firm for the fee portion of the settlement. Next, a check to the firm for the client costs advanced on this case. This is followed by a check to the referring source, for their portion of the settlement fee. Request number 91, Welkom was for the lien to Fisk McIntire. Partridge & associates were the holders of the other lien, or letter of protection. And the last check is to the client for his settlement amount. These checks are already approved and ready to print. Running the check request list is not necessary, but is a good cross check. Note cheap jerseys China that the total checks written, total $124,500. The missing $500 is the hold back for any late costs. Once you cut the checks, follow the normal deposit procedure for your firm.
When all is in order, check the Settled, check box. This prevents changes to any of the settlement information. This concludes the settlement model tutorial.