Release Notes: Billing

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April 2022

Eliminate Circular Fee-paying Loop

Currently, on the account editor you can go to Account A and set it to pay for Account B.  Then you can set Account B to pay for Account A.  This development will no longer allow circular reference where two accounts pay for each other’s fee.

How to get there: Orion Connect > Billing Audit > Account > Account Edit > Billing > General > Account Pays For
Delete Custom 'Adjustment Types'

This enhancement enables you to delete any user-created or manually created adjustment types that have not been used in a bill. 

How to get there: Orion Connect > Firm Profile > Adjustment Types
Clone Existing 'Fee Schedules' & 'Payout Rates'

You will now be able to take an existing fee schedule or payout rate, make a copy, edit changes, and then save it as a new fee schedule or payout rate.

How to get there: Orion Connect > Firm Profile > Fee Schedules or Orion Connect > Firm Profile > Payout Rates
No Aggregate Value After a Final Bill Creation

When you creates a final bill for an account, then the account is no longer aggregated with other accounts for renewal bills.

How to get there: Orion Connect > Custom Imports > Asset Level Fee Schedule Delete
Delete ‘Asset Level Fee Schedule’ Through Custom Imports

This update allows you to delete ‘Asset Level Fee Schedule’ through the custom imports with this template ‘Delete Asset Level Fee Schedule.’

How to get there: Orion Connect > Custom Imports > Asset Level Fee Schedule Delete
Create 'Fee Schedules' Through Custom Imports

You can now create ‘Fee Schedules’ through the custom imports with this template ‘Fee Schedule Add.’

How to get there: Orion Connect > Custom Imports > Fee Schedule Add
Custom Imports: Update All Billing Fields

This enhancement enables you to update all billing fields for any given active account through the custom imports.

How to get there: Orion Connect > Custom Imports > Billing Account Update

March 2022

Update Pay Method in Billing Audit

In the Billing Audit app on all of the Account Audit views, we updated the Pay Method ‘Direct From Fund’ to ‘Direct’ and ‘Paid by Another Fund which is Direct’ to ‘Indirect’.  This update brings continuity to all other pay method visuals within Orion Connect and pay methods on reports.

How to get there: Orion Connect > Billing Audit App > Account Audits
Transaction Editor – Combine Billing Options

If an advisor calculates prorate bills on cash flows in advanced then cash flow transactions need to be marked as billable transactions.  Previously, if the transaction was a positive amount, then you had to click on the “New Money Ready” box and if the transaction was a negative amount then the “Advanced Billed” box needed to be checked.  This new development has combined the two boxes into a single “Cash Flow Bill” box.  Any interested party will need a database option “Toggle Cash Flow Bill Option” changed from False to True.

How to get there: Orion Connect > Orion Connect > Billing Audit > Bill Eligible > Edit transaction > Billing or Portfolio Audit > Account > Transactions > Edit Transaction > Billing
Fee File _CNX Enhancement

This development allows fees calculated on canceled sleeves to be rolled up to the custodial account number on the TDA fee file.

How to get there: Orion Connect > Bill Generator> Bill Instance> Actions> View Audit Files> Fee Files> TDFeeRequestFile
Folio Institutional Fee File

This development allows the creation of the Folio Institutional Fee File.

How to get there: Orion Connect > Bill Generator> Bill Instance> Actions> View Audit Files> Fee Files> TDFeeRequestFile
Financial Planning Fee Import

This development allows financial planning fees to be added en masse.

How to get there: Orion Connect > Custom Imports > Add Financial Planning Fee
Receivable/Payable Import

With this new import, any receivables that are calculated outside of Orion can now be imported into the Orion platform and stored on our receivable tables. The purpose of this import is to display totals only.  Therefore, the import will only allow the sum of each account fee per bill instance.  For example, if an account is billed outside of Orion using a tiered schedule, then the import will not allow the tier breakouts, but will accept the total of those tiered fees.  Please contact your service member for more information and instructions.

How to get there: Orion Connect > Custom Imports>Receivable-Payable Add
Sort Sub Advisor Payee Field

The Payee field in Firm Profile for Bill Entities, Broker Dealer, Representative, Sub Advisor and RIA is now sorted alphabetically.

 

How to get there: Orion Connect > 

Firm Profile > Bill Entities > Edit an entity > Payee is sorted alphabetically

Firm Profile > Broker/Dealer> Edit a Broker/Dealer > Select Payee is sorted alphabetically

Firm Profile > Representative> Edit a representative > Select Payee is sorted alphabetically

Firm Profile > Representative> Edit a RIA > Select RIA is sorted alphabetically

Firm Profile > Sub-advisors> Edit a sub-advisors > Select sub-advisors is sorted alphabetically

See Above
Consolidation App: Adjustment Type

One of the primary goals for the billing team in 2022 is to redesign all billing features in Orion Connect based on the Orion Product Language (OPL).  This new look will combine all billing apps into a single location and improve the user’s experience.  The adjustment type is one of the first items we are testing out this new look and feel.  If you are interested in helping us by providing feedback, please contact the service team and they can turn on the Consolidation App.  The Consolidation App will not be released to the public until the end of the year.

How to get there: Orion Connect > Consolidation App

December 2021

Bill Detail

The new Bill Detail feature will allow users to see all bills that have ever been generated for a household and then allow you to drill down into that bill.  The Bill Detail will display the fee and payout calculations, what assets were included in the bill, any adjustments, and pay for information.  Currently this feature is only located in Portfolio Audit, but soon the user will be able to access this feature in the Billing Audit and from the Bill Generator.

How to get there: Orion Connect > Portfolio Audit > Locate a household > Right Click > “Household Bill” > Highlight a bill > Right Click > Bill Detail > Click on a receivable

May 2021

C Share Class Global Exclusion

As a rule C Shares should not be billed or included in the billed market value. For firms who provide C shares as an option, we now have the ability to exclude them by selecting a database option. Once this option is set to true then any account with a C share asset will automatically be excluded for billing.

How to get there: Orion Connect > Firm Profile > Options > Billing > “C Share Class Global Exclusion”
Deleting a Default Representative

Users can now create parameters around the deletion of a default rep. This new enhancement will require that a new default rep is set before the current default rep is deleted.  A new message will appear providing instructions, “Cannot delete a default representative. Please set a new default representative first.”

How to get there: Orion Connect > Firm Profile > Representatives > Right Click > Delete Representative
Default Use Fee Hierarchy

If the firm uses fee hierarchy, we now have the ability to have any new account default the “use fee hierarchy” to true at the account edit screen.

How to get there: Orion Connect > Billing Audit > All accounts > Right click > edit Account > Billing > General > Use Fee Hierarchy box
Roll Up Fees to Custodial Account in Post Payments

Tracking outstanding receivables for advisors who use sleeves used to mean multiple line items would be used to display the management fees calculated for each sleeve.  This development allows management fees to be rolled up at the registration level.  This way the post payment app will match the information that was provided to the custodian on the fee file, thus making it easier to match and post fees.

How to get there: Orion Connect > Post Payments > Set Start Date and End Date > All Accounts > Refresh

November 2020

Default Representative Option

Now an Advisor has the ability to change the default representative that is assigned to all new households, by selecting the Default Representative box inside the representative edit screen.  Please be aware that changing this default could result in a rep seeing account information for client’s that are not under their representation.  Best practice is to create a “New Account Rep” or your firm’s name (“Show Me the Money Financial”) as the default representative instead of an actual individual.

How to get there: Firm Profile > Representative > Choose Rep and right click > General > Default Representative > Save
Ability to Update Billing Pay Instructions

Previously if an advisor ever wanted to change the message on an invoice about the pay method, they would have to provide the message to their Orion service team and wait for Orion to update that message.  Now an advisor has the ability to change the message without having to reach out to Orion. We have even added balance due and due date tags so the message can display invoice specific information within the message.

How to get there: Firm Profile > Bill Pay Methods > Select Pay Method> enter message in Invoice Text box > Save

October 2020

Advisory Fee Reports in Payout Dashboard

Previously when Advisory Fee Reports were created by the billing team, those reports were stored and viewed in the Advisory fee Reports App. For those who use both the Advisory Fee Reports and the Payout Dashboard, we found it was unnecessary for them to have to go to separate apps just to review the different reports. Therefore, we combined the reports into a single storage and location.

How to Get There: Payout Dashboard > Reports
Add ‘Client Last Name’ as a Column in Payout Dashboard 

One of the most popular requests we have received is to add Last Name as a column in the Payout Dashboard slick grids. With this release, we’ve made that functionality available so that now you are able to add Last Name as a column on any slickgrid tab.

How to Get There: Payout Dashboard > Columns > Show disabled columns

September 2020

Sub-Advisor Reports

Now, when a payment is processed in the Billing app, an advisory fee report can be generated for the sub advisor entity.

How to get there: Orion Connect > Payout Dashboard > Reports > Sub-advisor
Toggle the “Use Fee Hierarchy” Box

Previously, when updating accounts en-masse there was no ability to toggle “Use Fee Hierarchy” from false to true or from true to false. Now however, those advisors who have the entity option “Use Fee Hierarchy” toggled “True,” can toggle the “Use Fee Hierarchy” box en-mass within the Account Update tool.

 

How to get there: Orion Connect > Billing Audit > All Accounts > Right Click > Edit Accounts > Use Fee Hierarchy > True > Add Change > Save
Fee Hierarchy Contribution/Distribution Sleeves

The adoption rate for the fee hierarchy continues to grow and many of the firms using the fee hierarchy use contribution and distribution sleeves.  Since these accounts are mostly used as sleeves we wanted to provide the opportunity to assign a different default fee.

 

How to get there: Orion Connect >Billing Audit > Fee Hierarchy > Level > Add Payout Rate > Add Sleeve Level > Save
Apex Fee File

Apex is a new custodian integration partner with Orion. This fee file allows those who have a relationship with Apex to collect fees.  If fees are calculated on accounts with a Fund Family of Apex then a fee file for Apex will be generated with the other custodian fee file.

 

How to get there: Orion Connect > Bill Generator > Live Instance > Generate Fee Files
Character Limit in Rep Number Field

This enhancement was developed for firms who have joint reps with multiple rep numbers.  Previously this input held only 100 characters, now the cell is able to hold 1000 characters.

 

 

How to get there: Orion Connect > Firm Profile > Representatives > Edit > General > Rep Number

August 2020

Create an “@” Tag for Related Households

To help identify the Related Households that are being aggregated together for Billing purposes, you can now tag those households with the “@” function.

Orion Connect > Reporting
Change Logic of Recurring Start Date

Currently, when you add a recurring adjustment with a start date during the billing period, it will not apply until the next billing cycle. To improve this, we now allow for a recurring adjustment to be prorated if the start date is during the billing cycle.

Orion Connect > Reporting

July 2020

Cash Flow Grouping

A large majority of our clients use the valuation of period ending. In order to get a truer representation of the account they are managing, many choose to bill on cash flows.  Prior to this development, cash flows could not be broken out into a separate section on a report.  Now it is possible to display cash flows in a way that is easier to understand.  This development will clear the way for a large majority of our advisors to convert their invoices into the RB3 format.

Orion Connect > Reporting > Custom Reports > New Report > Tables > Grouping Tables > Right Click > Grouping Options > Add Grouping > Select Billing Cash Flows

June 2020

Fee Schedule is Zero

Sometimes, you want to be able to view your accounts that are assigned to a zero percent fee schedule to be able to more effectively audit your accounts. To help, we built a new view called “Fee Schedule is Zero” in the Bill Audit app under the accounts section.

Orion Connect > Billing Audit > Under Account Audits
Payout Entity Options When Adding Adjustments

To assist when adding an adjustment at the account or household level, we’ve created the ability to limit the responsible entity to one that is in the payout schedule on the account, or an entity assigned through the Fee Hierarchy and the ‘Prorate by Payouts’ option.

Orion Connect > Billing Audit > Edit Household or Account > Billing > Gen Acct Adjustments, or Recurring Adjustments
Generate New Audit File With New Query

As a user in the Bill Generator app, once you have created bills, you are now able to generate new Fee Hierarchy Audit Files when Billing Audit files are created. The new audit file should only generate if you are using the ‘Use Fee Hierarchy’ option.

Orion Connect > Bill Generator > Actions > Live/Forecast Bills > Generate > Create Audits

May 2020

Payout Dashboard Commission Calculations

Now, when you process a payment in the Payout Dashboard, the amounts in the “paid commission” tab will match what was in the “currently approved” tab before the payment was processed. Previously, the initial amount of the payable was being used in the paid commission tab. The Pending approval and currently approved columns were calculated using Initial Amount + Adjustment.

Orion Connect > Payout Dashboard > Paid Commission
Payout Dashboard Credit and Expenses Window

When adding a credit or expense, the adjustment type list is now filtered based on your selection of Credit or Charge. Also, the amount field only allows for positive numbers if a credit and negative if a charge has been selected to help eliminate confusion.

Orion Connect > Payout Dashboard > Credits and Expenses > Actions > Add New
Recurring Adjustments Import

In an ongoing commitment to replicate all Orion’s imports housed on the legacy Custom Imports tool, we’ve made the Recurring Adjustments imports available in Custom Imports 2.0. Now, you are able to import all your Recurring Adjustments en masse, as well as edit in-line and fix upload errors right on the Custom Imports page.

Orion Connect > Custom Imports > Recurring Adjustments

April 2020

Advisor Fee Adjustment Import

In an effort to transition all of our imports over to our new and improved Custom Imports tool, we’ve created an import for Advisor Fee Adjustments. Since many of our advisors have multiple general account adjustments that need to be applied, we’ve given you the power to import those adjustments yourselves, along with the in-line editing and error fixes you’ve come to love in Custom Imports 2.0.

Orion Connect > Custom Imports > Advisor Fee Adjustment Import
Household ID in Post Payments

We’ve heard from some Orion advisors who want to be able to select the Household ID as a column in the post payments app to help identify the correct fees to post. We’ve built that into the Post Payment app. The column is disabled by default, but can easily be turned on by selecting Household ID when it is presented as an available column.

Orion Connect > Post Payments > Post Payments and Posted Payments > Columns
Credit and Expenses Import

Some of you have asked for an easier way to account for credits and expenses when it comes to the Payout Dashboard. We’ve used the Custom Imports template, mentioned above, to develop the import template for creating credits and debits en masse in the Payout Dashboard. You can now upload and edit Credits and Expenses in the Custom Imports app, which is applied to the Payout Dashboard automatically upon upload.

Orion Connect > Payout Dashboard > Credit and Expenses
Payout Dashboard Interface Enhancements

In order to keep innovating and moving forward, we’ve enhanced the user experience within the Payout Dashboard. The colors that you have seen associated with Pending Approval, Currently Approved, Credits and Expenses, Paid or Total Payouts banner on the Firm Dashboard are gone, replaced by an easier-to-read banner with an outline around each box to distinguish them. Now, when on the firm dashboard, you will no longer be able to filter by payee, as the data should reflect the entire firm rather than a single entity.

Orion Connect > Payout Dashboard
Process Payment Enhancement on Payout Dashboard

As someone who uses the Payout Dashboard, there are probably times when you need the new payment to include all payees so you don’t have to post payments multiple times. Now, when you add a new payment on the payment screen, all payees are listed as the default. You can then check and uncheck based on which payees you need to account for. Once you have selected the payments, the add button will appear. When you click add, a separate payment line for each payee will be produced.

Orion Connect > Payout Dashboard > Process Payment > Select Payee > Actions > Add New
Fee Files Sort Newest to Oldest

Previously, fee files sorted oldest to newest, meaning you had to scroll down to see the most current fees. We’ve reversed that so the most recent fee files will populate at the top.

Orion Connect > Bill Generator > Bill Instance > Actions > View Audit Files > Fee Files

2445-OAS-09/23/2020