In Keystone terminology, the bill that your service company issues to Keystone is called a Fee Note.
When the Invoicing Team produce an Invoice, our system simultaneously produces all the Fee Notes relating to that Invoice. This Fee Note meets the requirements to be a legal VAT invoice. This system is called self-billing' and means that you do not have to produce the Fee Note yourself.
When your Pod registers for VAT, then you must notify the Administration Team and provide the VAT number as soon possible. To comply with HMRC requirements for self-billing, all VAT-registered Pods must sign a Self-Billing Agreement which the Administration Team will provide you with. For further guidance on VAT registration, you should see the Getting Started Guide and consult your accountant.
For each Invoice issued, a single Fee Note is issued for each Pod whose work has been included on the Invoice. Where multiple fee earners from the same Pod work on the Invoice the Fee Note will disclose the value attributable to each fee earner. As per the Invoicing Process section a copy of the Fee Notes relating to Invoices processed each day are emailed to the Pod Principal (together with the related Invoice). Fee Notes are also saved to the Pod's Fee Note folder within NetDocuments, this happens once the related Invoice has been sent to the client.
Payment of Fee Notes is directly linked to the payment of the related Invoice. When the fees on the Invoice are paid, in full or in part, a corresponding payment is made to the lawyers' Fee Notes. The amount paid corresponds directly to the percentage of the fees paid on the Invoice. Payment runs are carried out each day, with payment being made by BACS which takes three working days to clear your account. If payment is made to your Pod on any given day, as the Pod Principal you will be notified by email of the amounts being paid and the Fee Notes to which these relate.