The Value Codes Mini Directory stores user-defined Value Codes. Value Codes identify the various types of monetary transactions in a Case. These may include client specials, lost wages, liens, and disbursements made on the client's behalf. Codes also designate whether an item is considered a Debit or Credit and whether it is a DTF (Due To Firm) item to be recovered. The labels for the Reference Labels #1 and Reference Label #2 fields on the Value Tab can be defined for each Value Code.
The Value Codes Mini Directory contains a Type column for standardizing Value Codes.
NOTE: You must have Enabled, Add, Modify, and/or Delete permissions to Directories > Mini Directories as needed.
To add a new Value Code, click the + Add button. A blank entry will display in the first row of the grid. Double-click the Code field of the new entry to enter edit mode. Code is a required and unique field. Up to 10 characters can be entered in the Code field and up to 50 characters in the Description field.
Type
The Type column is used to designate a standard Value Code Type. Some Value Code Types are grouped into Fees ("Fixed Fees", "Attorney Fees", and "Time") or Costs ("Case Expenses", "Damages", "Liens", "Subrogations", and "Travel"). Value Code Type is used for calculating Funds, understanding the Settlement Totals Tab, and creating new Invoices. Types are standard and cannot be modified, as they contain preconfigured calculations. Neos will automatically match the DTF Value Code to the corresponding Type ("Due to Firm"). All remaining Value Codes must be manually matched with the desired Type.
Additional Type Details:
While not required, it is recommended you select a Value Code Type for all Value Codes.
"Settlement Amount" Value Code Type activates the Settlement section. Once a Value record with the Value Code Type "Settlement Amount" is created in a Case, the Settlement section will be visible.
Settlement Amount initially populates the settlement offer in the Settlement Calculator, though this can be changed.
Only certain Value Code Types can be used for invoicing.
List of value code types that allow for invoicing:
Attorney Fees: initially populates the attorney fees in the settlement calculator, though this can be changed.
Fixed Fees
Time
Case Expenses
Damages
Debt Pay
Due To Firm
Lien
Subrogation
Travel
Credit/Debit
Credit items are added to the client's account; debit items are deducted from the client's account. Select Credit or Debit from the C/D column depending on transactions using the code are typically a Credit or a Debit. When adding Value items, the C/D selection will automatically display as part of the Description when the Value Code is selected.
Additional Credit/Debit Details:
Debit:
The balances of debit value records or amounts due are represented as positive.
You can create check requests to send to QuickBooks from recording transactions on value records with a value code of debit.
Credit:
The balances of credit value records or amounts due are negative.
You can create deposit requests to send to QuickBooks from recording transactions on value records with a value code of credit.
Select the DTF check box if a due to firm item should be created when Value items of this Code are paid. DTF items can be created either by directly assigning "DTF" when creating a Value entry (with a "DTF" Value Code) or indirectly by designating a Value Code (such as Case Expense) as "DTF" here in the Value Codes Mini Directory. The DTF Value Code cannot be modified or deleted.
For example, if your firm pays a medical bill on behalf of your client, Neos can automatically create a Value entry using the "DTF" Value Code with the exact amount from the paid transaction on the original Value item so your firm can recoup that amount from the client during the settlement. A DTF Provider must be designated as the provider to be used when DTF Value items are created. Typically, this should be the firm. The firm's DTF Provider is specified in Firm Preferences.
New Value Codes are Active by default. Only Active items are displayed in the Value Code dropdown listing in a Value transaction item. Reference Label #1 and #2 can each contain up to 30 characters. If a reference label is entered in the Value Code Mini Directory, it will override any Reference Label #1 or #2 label designated in Firm Preferences on Value items assigned this code.
The Trust Value Code cannot be modified or deleted. This code will be created if your firm uses the LawPay integration but may also be in your list of codes regardless.
Reports such as "Value Code Information for a Case" can be run to filter for Value entries by Value Code.
To delete a Value Code, click the delete icon to the far right of the entry.
Click the Yes button to delete the item if it is not in use. If it is being used, the item will be marked inactive.
Click the No button to abort the deletion.
Click the Save button to keep your changes.
