There’s nothing better than opening your bank account app and seeing that funds have been deposited. But what if you got a message that said, “Funds will be available once trades settle, check back soon.” For many advisors, advisory fees make up a significant portion of their income. If the billing process is disrupted, it can really affect their day-to-day operations. With the Orion Cash Funding Tool, you can run a report to make sure there is enough cash available in your clients’ accounts before you bill. This will save you the headache of trading to free up cash and help you get paid quicker!
Before billing your clients, you can run a report to make sure there is enough cash available to collect fees. This can be run on a forecast or a live bill. Running this report will help reduce rejections from the custodian and ultimately get you paid quicker.
To use the Cash Funding tool, go to the Bill Generator or Billing Audit app > Cash Funding tab > Click on the blue calendar icon in the upper right-hand corner >
Start Date is the date the Bill Instance was generated
End Date is the date after the Bill Instance was generated
Choose the Bill Type to run it based on a Live or Forecast Bill
After clicking Refresh Grid, the amount of cash available as of today will display in the Money Market Balance column, the fee amounts from the bill will be displayed in the Balance Due column, and the Difference column will show the net between those two values. You will need to raise cash in the accounts that display a negative difference to prevent rejections at the custodian.
Tip: To easily see all the accounts with a negative value in the Difference column, double click the column header to sort it.
*The Money Market balance includes all products assigned to asset classes with a parent category of MM.
Who Can Help?
If you have questions about the Cash Funding Tool contact the Billing Team at firstname.lastname@example.org