A legal department's definition for "accruals estimate" is the fees and expenses for services that have not been billed yet. They may call it "work in progress" or WIP.
Once the client is implements accruals in SimpleLegal, you vendors receive monthly requests to submit your accruals for the period. It is important to submit these numbers in a timely manner. You are not just your client's legal partner but also their business partner. When you submit your accrual information, you help your clients keep and report accurate accounting records.
Every month, your company's accruals contact(s) receive notification that it is time to submit your monthly unbilled estimates. This notification contains a due date by which you should submit your accruals. If the monthly unbilled estimates are not submitted after the first notification, your accruals contact will receive up to two reminders until you submit your monthly unbilled estimates.
Here is an example of an accruals request email:
If you anticipate no unbilled time, click We Have No Unbilled Activity so that the client gets a "Zero" estimate.
Submit Unbilled Amount
CounselGO gives you the space to provide unbilled estimate for the month closing soon. Based on the client's configuration, you may also have a space for unbilled activity from the previous month. If you have identified unbilled fees or expenses for the prior month, list those as fields permit.
- If you have unbilled time to submit, click the link in the body of the email or the Submit Unbilled Amount button. The Request for Unbilled Activity Estimate page opens in CounselGO.
- Enter the unbilled amounts for each open matter. The amount is based on the worked dates of the invoice line items regardless of the invoice date or the invoice submitted date.
- Click Submit Unbilled Amount. The client receives your notification.
Contact Us: Please contact email@example.com for any other questions. We are happy to help.