Attached please find a demo payable summary (also called a mock bill) that you will review each quarter when it's time to bill. We've called out a few items below that are often questions from our advisors.
You'll 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.
Column J, Days in Cycle, 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" column (M) in the spreadsheet is the amount you will keep from each bill. The other three columns in that section (N, O, and P), "Rep Adj", "RIA", and "RIA Adj" are what XYIS will keep.
Please review this file 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.
We hope this helps you understand what this summary shows you. Please send an email to email@example.com if you have any questions about this file.