The Straight Profit Fee is used when a service is to be charged to a client on a monthly, quarterly, or annual basis. This might be a fixed fee arrangement. The client would be charged a fixed fee rather than being charged for all the time and disbursements entered against a matter.
A couple of examples of services that would fit into this scenario are:
Financial Adviser: when the Financial Adviser provides the service advice to their clients, they are not charging the clients based on the time they have spent. It will be billed as a quarterly or annual package.
Support Maintenance: The Support Officer would not charge the client based on the time they have spent. In most cases, the support maintenance is usually charged as an annual package.
📌Note: Straight Profit Fee only works for matters that have NEVER had timesheets and disbursements entered against them.
The steps to process a Straight Profit Fee are:
Allow Unallocated Write-Off access rights in Joe Admin.
In the Fee Console, click/tick Interim Summary.
Create an Interim fee as per the normal process. On the same Interim fee, double clicks on the Unalloc Wo. This is a proper process of Straight Profit fee.
However, you can do the Interim now and do a separate fee for the Unallocated Write Off later.