In Keystone terminology, Invoices record the amount that the firm charges the client. Your bill to Keystone, being the amount that you personally will receive in respect of a particular Invoice, is called a Fee Note.
Fee Notes are prepared automatically at the point that the Invoice is produced on behalf of each Pod by the Accounts Team and sent to the Pod Principal together with a copy of the corresponding Invoice at the end of each day. This is called self-billing'. Each Fee Note references the corresponding Invoice number.
Central Office will allocate each Fee Note a unique reference number which will include the fee earner's initials and a sequential number (e.g. JDK/1). This is the fee note number and is a requirement to satisfy VAT legislation.
If your Pod registers for VAT after joining Keystone, then you must notify the Accounts Team and provide the VAT number as soon as you do so. To facilitate self-billing, all VAT-registered Pods must sign a Self-Billing Agreement with all companies in the Keystone Group which will prepare Fee Notes for them. In practice, this will for most Pods only require the signing of one Self-Billing Agreement as most Pods operate in a single jurisdiction. To request a Self-Billing Agreement you should contact the Administration Team. For further guidance on VAT registration, you should see the Getting Started Guide and consult your accountant.