A legal departments definition for accruals estimates are the fees and expenses for services that have not been billed yet.
If the client is implementing accruals in SimpleLegal, the vendors will receive monthly requests to submit their accruals for the given period. It is important to submit these numbers each period in a timely manner. Vendors are not just their client's legal partner but also a business partner. When vendors submit their accrual information, they are helping their clients keep and report accurate accounting records.
Every month, the vendor’s accruals contact(s) will be notified that it is time to submit their monthly unbilled estimates. In this notification, there will be a due date, when the vendor will need to submit the Unbilled Estimates by. If the monthly unbilled estimates are not submitted after the first notification, vendors will be automatically sent two reminders until their monthly unbilled estimates are submitted.
Here is an example of an accruals request that is sent via email:
If a vendor anticipates no unbilled time, select We Have No Unbilled Activity so that the client gets the "Zero" estimate.
If a vendor has unbilled time to submit, select the link provided or Submit Unbilled Amount.
Enter the unbilled amounts on the Request for Unbilled Activity Estimate page then select Submit Unbilled Amount.
For the "Amount Billed in <month year>", the amount is based on the worked dates of the invoice line items regardless of the invoice date or the invoice submitted date.
Please contact email@example.com for any other questions and we are happy to help.