[Account Owner] Total Engagement Fee
In this Article:
Overview of TEF
The Total Engagement Fee (TEF) is the amount that should be collected over the lifetime of the single engagement. The Total amount of the Engagement fee controls the number of dollars the Advisor can create for all invoices and subscriptions in that Engagement. This can also be zero if an invoice is not needed, but an engagement and/or document is needed.
This allows the Account Owner/Home Office, when it is toggled "on" for that Engagement, to allow Advisors to request a total amount on a single Engagement. This setting requires them to be able to request an amount up to that TEF and no more on that single Engagement.
Fee escalations must also be included in that total amount for the Total Engagement fee; otherwise, it will not balance and will give them a warning when trying to proceed.
Once the Engagement is set up for the full fee by the Advisor, it cannot be edited. If they attempt to update the TEF, it will show an error to the Advisor. The Home Office of the Enterprise firm can edit the TEF if needed at any time, even after it has been paid and completed.
Example of How to use a TEF:
If the total fee input is $12k & the advisor creates a one-time invoice for $10k, they could also create a subscription that totals the remaining $2k, OR another future one-time invoice or subscription could not be more than $2k.
Advisors can create more than one invoice or subscription, but the TEF cannot exceed the original amount.
Tip: Only the Home Office can edit any Engagement including those with a TEF. Advisors cannot edit the TEF for more than the total engagement amount once created.
Please reach out to the Home Office of your firm if this needs to be edited.
TEF Setting Details
Please note that TEF and invoice approvals cannot be "on" at the same time.
To create a New Engagement with a TEF, head over to Firm Settings, Engagements, Add New Engagement Workflow
Toggle "on" the setting next to:
"Require total engagement fee to be specified when creating engagements."
This will enable a TEF to apply to the Engagement. Once toggled, you will see the ability to select Disable, Approve all engagements, or Select engagements.
To and an approval for a TEF for a specific engagement, click on Select Engagements and enter the amount threshold for approval. Note that approvals cannot be turned "on" for invoices and TEF.
Select the other settings as needed to complete the rest of the Engagement based on the firm's needs, then save.
TEF Creation
Tip: The TEF setting can be toggled on for all other Engagements, but please note it will only apply to future Engagements and new Engagements sent out. We highly suggest starting a New Engagement when creating a TEF.
Once settings have been set on the Engagement above, along with all other items on the Engagement. When Advisors go to use it, it will require them to enter the total amount in that area as shown below.
In cases where an invoice is not required, but a document is, you can leave the engagement fee at zero dollars, and the invoice required setting set to "no."
Thereafter, if the firm allows additional invoices to be created on the same engagement, the total fee amount must match (or be less than the total input to proceed and send the invoice or subscription.):
The next page shows the TEF amount that should be expected when completing either a one-time invoice or a subscription, which can also include an upfront one-time invoice or escalations.
Once all amounts have been added, the TEF will show zero or the remaining amount to be billed later for the Engagement. They can then continue.
Taking a look at the Engagement after creation will show the below with the following:
Editing a TEF
The Home Office can edit a TEF for the Advisor if needed.
To do this, find the Engagement under Engagements, click on the Engagement number, or locate it in the client profile. Once in the Engagement, use the Edit Total Engagement Fee button to the left in the Engagement and add a new amount, Update Engagement. This updates the TEF to the new amount.
Editing the TEF will not update or edit the invoice or subscription; it will only increase the TEF.
If a change to the invoice or subscription is needed, it can be edited and re-sent to the client. (If edits are permitted by the Home Office).
Important Note: If there is a document attached to an invoice or subscription that has been completed, the ability to edit either of those will no longer be available.
Updates to the TEF amount will show to the Advisor on the same screen for the client, but cannot be edited.
Tip: The Account Owner and firm-level Admin/Analyst users can see Engagements for all advisors on the firm account.
If your firm requires approvals, please learn more about this here: Invoice and Subscription Approvals.