Sample Payable Summary
Click here to find a demo payable summary (also called a mock bill) that you will review each quarter when it's time to bill.
Click here to find a downloadable quick reference sheet for reading the payable summary.
We've called out a few items below that are often questions from our advisors.
If your valuation method is period end value, you will notice that some of the accounts have multiple rows that include billing amounts for the account. This is due to cash flows occurring during the billing period and Orion makes adjustments for the amount of time those affected the account.
The Column that specifies, Days in Cycle, (which in the example provided is Column J) shows how many days of the billing cycle the account was on the XYIS platform. We bill each period for the number of days of the year it included rather than breaking it into four or twelve equal periods. This means a 92 day quarter will have slightly more than 25% of the annual bill (25.2%) since 92 days is more than 1/4 of one year. A 90 day quarter would be 24.65% of the year.
The "Rep" and the "Rep Adj" column in the spreadsheet are generally the amounts you will keep from each bill. Sometimes those figures are negative indicating that your firm will be billed that amount. The other two columns in that section, "RIA", and "RIA Adj" are what XYIS will keep.
Please review the payable summary carefully each billing period and reach out with any questions you have about the billing details. We can make any necessary changes for you and rerun this file to allow you to review the updates.