Key Terms
An account in which a servicer of a mortgage holds funds set aside to pay property taxes, insurance, and other obligations of a property on behalf of the Mortgagor
What is a mortgage escrow account
A financial statement that consists of assets, liabilities and owners equity
What is a balance sheet
Name the two methods for getting the invoices into the inbox
What is the drag and drop method and upload bill method
Name the family office service that provides HR management, benefits administration, compliance & employee negotiations and payment to salary and or hourly employees
What is payroll and benefits administration
A contractual agreement in which a lender extends a commitment to a borrower to lend a certain amount of proceeds with a maximum borrowing limit
What is a line of credit
A financial statement that consists of revenues and expenses
What is a profit and loss statement (income statement)
Name the payment methods used in BILL
What are connect & pay, e-payment (ACH) and check
Name the family office service that provides vendor management, records & filings, bank reconciliations, and tax accounting for investments
What is accounting, reporting and administration
An example of a private fund that invests in young companies with the potential for big returns, but also a chance of failure
What is a venture capital fund
Name the report that provides a summary of cash transactions within a specific period, typically showing cash inflows, outflows, and account balances
What is a cash report
When processing a bill, name the fields you need to populate for the bill to be processed and completed (name 3)
Invoice Number, Date/Due Date, Bill Description, Bill Amount, General Ledger Account
Name the family office service that provides art and collection management, coordination of asset purchases & sales and document & contract management
What is lifestyle support
An example of a private fund that aims to generate profit through rent or eventual sale
What is real estate investment fund
Name the report that analyzes and determines a company or individuals current financial position at a specific point in time
What is a liquidity report
Explain what a recurring bill is
what is an invoice that is paid on a monthly or quarterly basis where the dollar amount stays consistent each month or quarter. This invoice can be set up in the recurring bills section and automatically pops up in the "All bills" section to be paid when its due.
Name the family office service that provides income statements, statements of cash flows and a net worth statement
What is family and entity reporting
An example of a private fund that collects money from investors managed by a firm. This money is used to buy entire companies, not just a share of ownership like in the stock market
What is a private equity fund
Name the report that is a company's financial record book. It tracks all their money in and out, categorized by accounts like assets, expenses, and revenue. This info is then used to create financial statements
What is a general ledger
Explain the BILL overall workflow
Enter (Receive bills, enter detail), Approve (view and approve bills online), Pay (select bills you want to pay) & Reconcile or Sync (reconciles accounts securely)
Name the family office service that provides foundation administration and grant monitoring
What is charitable giving