Expense Tracking

Expenses are provide organizations with the ability to track costs associated with a specific Matter. Expenses can be used in conjunction with Time and Budgets to provide a complete cost picture for a given Matter.

1. Basic Elements of Expense Tracking

There are three basic data elements related to tracking time in AdvoLogix. These elements support the standard platform customization features and are available for analysis within Reports and Dashboards. 

1.1. Expense

The Expense record is the primary element of Expense Tracking and is used to save the information relative to an Expense entry. An example of the type of information recorded in the Expense record includes the Matter, Quantity, Description and Rate per unit.

1.2. Matter

Expenses must always be associated with the Matter for which the Expense was incurred. Appropriately tracking the Matter  is especially important for billing, reimbursements and other reporting purposes.

1.3. Timekeeper

Timekeepers can optionally be related to an Expense entry. This allows Expense entries to be associated with specific individuals responsible for the expenditure or having knowledge of the Expense. The Timekeeper entry is also useful for billing and other reporting purposes.

1.4. Vendor

Expenses may optionally be associated with a Vendor which are Accounts in AdvoLogix. This allows Expense entries to be tracked by the specific Vendor which provided the underlying product or service for which the expense was incurred. The Vendor entry can be important for accounts payable and other reporting purposes.

2. Entering Expenses

Expenses are entered using the standard Expense entry form. Recording an Expense can be invoked from the following areas within the application: 

  • New Expense from the Expense primary list
  • New Expense from the Expense related list on the Matter page layout
  • Create New Expense in the Classic interface Sidebar
  • Create Expense from the Expense menu option in the Lightning Experience

Incorporating Expense Approvals 
Some organizations may find it useful to incorporate the platform's built-in Approval Process features within their Expense Tracking implementation. For instance Expenses above a certain cost threshold may require administrative approval prior to completion.