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Why?
What?
How?

Run the Eclipse Export in Billing
View Billing Set Aside Cash
Set Up Preferences 
Establish Billing Set Aside Cash for Sleeves

Why?

• Streamline raising the necessary cash in your accounts. Sync set aside cash that corresponds with your bill amounts to easily review the cash need in the Orion Trading Platform and raise cash in alignment with model targets.​​​​​

• Get paid on time and in full. It is best practice to run and sync forecast bill values before the end of the billing cycle, so that you have time to raise the necessary cash in your accounts before collecting your fees from the custodian. 

What?

After generating a live or forecast bill, run the Cash Funding Export to sync the cash protection into Orion Trading (Eclipse) . When you rerun (or recalculate) bills, it is best practice to run the Cash Funding Export again to sync the updated bill and update the billing set aside cash.

Related Resources:

• How to generate live bills in Orion - Live Bill Walkthrough Guide.

• More information on set aside cash and how to verify it was filled - Cash and Cash Preferences Overview. 

How?
Run the Eclipse Export in Billing

Navigate to the Billing Generator App  in Orion Connect. On the Bill Instance tab, select your live bill instance and choose the Cash Funding Export button under the Actions menu. The export updates Orion Trading once you click the Eclipse button in the bottom right.

View Billing Set Aside Cash

After creating a billing set aside cash, it displays in the account level set aside cash for normal non-sleeved accounts. The description of the set aside states, “Billing Set Aside Cash from Orion Connect on **date that the last live bill instance was exported to Orion Trading**”.

To view set aside cash, navigate to the Orion Trading Platform:

• Select the All Accounts tab
• Right-click and select view details OR double-click the account
• Scroll down to the set aside cash portion of account details

Do not try to edit the billing set aside from the set aside in the account. You can only edit these through the import from the Billing App or through the preferences in Orion Trading's Administrator Preferences. Trying to edit the set aside at the account level produces an error. 

Set Up Preferences

Two preferences go along with billing set aside cash that tell the import how to create the set aside cash in the accounts. Access these preferences by navigating to Orion Trading's Administrator tab, selecting Preferences, and viewing the Firm Preferences. 

Billing Set Aside Cash Type

This setting tells the system whether to make the billing set aside cash a percentage or dollar amount of the account. The percent and dollar selections take the amount of cash needed in the Eclipse export and multiply it based on the billing set aside cash multiplier. The dollar amount is a static amount on the account, whereas the percent updates based on the account's value. Each time the billing cash export syncs to Orion Trading, the amount of the set aside updates based on the fluctuations of the account. 

This setting can be updated at the firm, team, model, portfolio, and account-level preferences in Orion Trading. 

Billing Set Aside Cash Multiplier

The billing set aside cash multiplier takes the amount of cash needed for the current live bill and multiplies it based on the settings in the preference to get the minimum, maximum, and target amounts for the billing set aside cash. It also tells the system what kind of expiration with tolerance band should be placed on the set aside. This allows you to protect cash for management fees for multiple months or accommodate variations in actual realized revenue. 

Using the rows in the multiplier, you have the option to set up different multipliers depending on the frequency of auto rebalancing. 

There are two groups of columns for multiplier and expiration. The multiplier has a column for minimum, target, and maximum. The expiration columns control what information goes into the expiration section of the set aside cash set up. Checking the expiration box enables the set asides to expire once a management fee for the target amount set aside applies to a transaction in the account. Put a tolerance band on the set aside when the actual fee pulled does not equal the target multiplier. The tolerance band takes the entered percentage and multiplies it by the target. Any management fee transaction that falls within the tolerance band expires the set aside cash. 

When nothing is set in the Billing Set Aside Cash Multiplier, the minimum, maximum, and target on the set aside all equal the sum of balance due imported from Orion Connect's Billing App. It also gets set to expire when the fee for that amount is applied in transactions.

For example, you want an account that rebalances monthly to save a minimum of one month at a time whenever the cash falls below one month. It wants to raise to the target of two months and only have a maximum of 3 months of management fees in set aside cash at any time. You do not want this to expire. To accomplish this, set the multiplier up as shown below.

Establish Billing Set Aside Cash for Sleeves

Sleeved portfolios work slightly differently based on which sleeve collects the cash for the management fees. 

• Billed on the Normal Sleeves - Set aside cash gets added to the sleeve.
• Billed on the Custodial / Distribution Sleeves - Cash gets set aside on the portfolio with a set aside account of "distribution".
• Billed on the Contribution Sleeves - Cash gets set aside on the portfolio with a set aside account of "contribution".