Third-Party Money Management

Loans are received money or assets of third parties, which are not assigned to the assets of the respective law firm or the respective lawyer.

Example: The purchase price of a plot of land is paid to the involved notary who holds the amount until the contractual conditions for payment to the salesperson are met.

This application is an Additional Feature that creates a suitable folder structure for the management of external funds and ensures a quick overview. The link to download the corresponding config set here.

Prerequisite

In order for a user to be able to work with this additional feature, he or she must be assigned to the user group Case managers or Third-party money:  

• The Case managers user group allows full access to the third-party management (including the creation of third-party money accounts), but only for cases in which the user is Case manager.
• The Third-party money user group allows full access for all cases.

Application

By importing the additional feature, a borrowing account can be created on a case via the New Menu:

The currency corresponds to the currency of the case and cannot be changed.

Optionally, a responsible user or a different owner of the borrowed money can be selected for each borrowing account.  

The borrowing account has no connection to accounting, but it can be used to payment an invoice. This is done via the button (payment icon) directly in the list or on the borrowing account via the Actions menu > Use third-party money as payment:

The payment will be opened automatically:

In the list, the checkbox Used for payment activated and the amount used for the payment is deducted:

If the entire amount is used, the remaining amount = 0 and the refund date is set:

Controlling

Controlling Control folder is created in the Case management root folder, which shows an overview of all third-party money accounts. If the checkbox Open balance is activated, only accounts with open balances are shown.  

Retention period for external funds

The retention period in days can be found in the system settings in the Case tab under Third-party money max. holding days. In the standard, 7 days are entered here. Base on this information, the expiry date of the deadline is calculated for each borrowing account, which can be viewed in the list and is coloured red depending on the number:

Requirements and Download

Important information before importing the config set can be found in the Worth knowing about the additional features article. Config sets modify data in Vertec, which can overwrite existing data.

The exact import process can be found in the Articles about the config sets.

Download the additional feature with the following download link:

The following objects are created by importing the config set: