Locking the Billing Period

Locking the Billing Period

Locking the Billing Period prevents further changes to all billing records during the set billing period. This will need to be done monthly or quarterly depending on the firm’s billing frequency setting.

Locking the billing period is a required step prior to Generating Fee-Billing Invoices.

Locking the Billing Period Manually

A billing period will lock automatically two weeks after the end of the period. To lock it sooner:

  1. Navigate to Run Business > Revenue.
  2. Select the Billing Group and Period to lock.

  3. Click the Lock Period toggle. If the period has not fully completed, the option will be grayed out and unavailable.
  4. Confirm that you are locking the correct period for the correct billing group.

If needed, the billing period can be unlocked again to make changes to fees, discounts, or exclusions. The period will need to be left unlocked overnight so calculations can rerun if changes are made.

At this point you are prompted to take action based on the custodian(s) you are integrated with to transmit the billing information to the custodian:

  • Fidelity: In the lock confirm dialog there is a checkbox to transmit billing extracts directly to Fidelity. If you do not check this and want to transmit to Fidelity later, you will need to unlock and relock the period to repeat the prompt, or download the extracts file and upload it to Fidelity manually.
  • Pershing: Download the extracts (see below), extract the zip and upload the BillingPershingDebitFile.txt to the custodian.
  • Schwab: Download the extracts (see below), extract the zip and upload the BillingSchwabDebitFile.txt to the custodian.
  • TradePMR: If your billing includes any TradePMR files, download the extracts (see below), extract the zip and email the TPMR file to advisor.fees@tradepmr.com. In the email message you must specify the billing period start and end dates.

Downloading Extracts

  1. Navigate to Run Business > Revenue if not there already.
  2. Click Actions > Download Extracts.

The download process for the zip file depends on your browser’s download settings.