This is a comprehensive guide on how law firms can utilize the integration between Gravity Legal and LeanLaw to set up an automated payment plan for outstanding invoices. By following the outlined steps, you can efficiently recoup outstanding amounts, offering a smooth billing experience for clients while ensuring accurate financial records.
Read on to learn how to harness the power of this integration, optimize your billing processes, and bring financial clarity as the year closes.
Note: These instructions were written assuming your QuickBooks > Gravity Legal integration has the following settings disabled:
Enable account mapping
Create a new QuickBooks invoice for operating payments
Create a new QuickBooks invoice for credit card surcharges
Create a payment link associated with each new QuickBooks invoice
Part 1: Create a Subscription or Payment Plan in Gravity Legal
Link to support article from Gravity Legal: https://www.gravity-legal.com/knowledgebase/how-do-i-create-a-subscription
Navigate to Payments > Subscriptions in Gravity Legal.
Click on + New Subscription.
Fill out the required fields as described below:
Amount Per Payment: Enter the amount to be automatically billed at the specified intervals.
Deposit Bank Account: Choose the bank account where funds will be deposited post payment.
Client: Select the client associated with the subscription.
Matter (Optional): Select the matter associated with the subscription if applicable.
Start Subscription Date: Set the date when the Subscription Link will become active.
Billing Frequency: Choose how often the client will be billed – options include weekly, bi-weekly, semi-monthly, monthly, quarterly, or annually.
Billing Day: Choose the specific day for the automated billing.
Repeat Until: Decide when the subscription should end. Options include a total number of payments, a total dollar amount, a specified date, or when canceled by the firm.
Choose the Permitted Payment Methods for the subscription. If your firm enables surcharging, the surcharge fee application can be decided in the subsequent screen.
Determine the stored payment method:
Use an existing stored payment method if one exists for this client.
Collect from client via Subscription Link to let the client provide their card or bank details.
Create a stored payment method using card/account details if you'll be entering client details manually.
Click Create Subscription.
Part 2: Record the Payment in LeanLaw
Once a payment has been automatically pulled from the client's account by Gravity Legal:
Go to the Billing page in LeanLaw.
Click Manage Invoices.
Locate the relevant invoice and click the three dots next to it.
Select Record Payment from the dropdown menu.
Enter the payment details as provided by Gravity Legal.
Click Pay to finalize the record.
Part 3: Reconciliation in QuickBooks
Upon successfully recording the payment in LeanLaw, the payment data will sync with QuickBooks. This will allow users to match it with the deposit that appears in the bank feed, ensuring financial records are accurate and up-to-date.
Benefits
Implementing this integrated payment plan process empowers firms to seamlessly recover outstanding invoice amounts, streamline their billing, and ensure accurate financial records. As the end of the year approaches, it's an efficient way to settle accounts and start the new year with a clean slate.
Related Resources:
Overview Video of Creating a Subscription in Gravity Legal
LeanLaw Support for additional billing assistance
How-to article on surcharge accounting in QuickBooks
Note: Ensure you maintain client confidentiality and adhere to legal standards when handling client payment information. Always obtain clear consent before processing any transactions.