Budgets require a custom object with the Involved Party object. If you have TeamConnect Legal Matter Management, then the Dispute and Transaction objects will work.
Each matter can have an associated budget that allocates specified funds toward future fees and expenses that are charged to the matter. You can also further classify spending by budget category and by period of time. Once a budget is established, you can segment a budget by outside counsel firm (vendor) or by matter. Additionally, the budget feature provides a method for comparing budgeted fees and expenses against actual fees and expenses submitted.
Important: If you previously used TeamConnect Legal Matter Management or a custom budgeting system, you will not be able to post invoices against your old records. You must install TeamConnect Financial Management on those objects before posting invoices.
Users need the appropriate rights to post budgets. The default group Budgeting and Posting contains all the necessary rights for default objects. Users will also need the appropriate rights for any custom objects that have the Budgets screen installed on them.
You can allocate to a budget for a matter in two ways: from the matter, and through a budget request. The following diagram illustrates how to determine the best way to create a budget and how to update a budget.
