Portfolio Connect Section

How to bill manually in Schwab Advisor Portfolio Connect®

How to bill manually in Schwab Advisor Portfolio Connect®

With Schwab Advisor Portfolio Connect, you can bill your clients manually, add a payment directly from the billing summary screen, recognize external fee payments, and eliminate the need to transmit via Schwab Advisor Center® to wait for the fee to reconcile.

Billing a client manually indicates they will be paying from an outside source (ex. paying by check).

To get started in Portfolio Connect, you will need the following:

User access

Users with the Schwab Advisor Center® firm security administrator (FSA) Tooltip designation have access to all accounts and data within Portfolio Connect.

Non-FSA users have:

  • The same account data access on Portfolio Connect that they do on Schwab Advisor Center
  • No access to firm level data

See How to work with Schwab Advisor Center® user security groups for details.

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Note: Some Schwab Advisor Portfolio Connect elements are not supported on Internet Explorer or Microsoft Edge.
LoginPortfolio Connect is only accessible through Schwab Advisor Center by going to More > Portfolio Connect > Continue to Portfolio Connect.
For all accounts billing manuallyBefore you can add a manual payment, lock the invoice. For details, see How to review and submit management fees in Schwab Advisor Portfolio Connect®.
 
Note: You can enter and recognize manual fee payments toward account invoices in non-projected status only. This function is not available for account groups.

Use one of these processes to assign a pre-existing fee schedule to an account.

For New accounts that have not yet been reviewed within Schwab Advisor Portfolio Connect:

  1. Go to Accounts > Accounts > Review.

For Active accounts that have already been reviewed in Schwab Advisor Portfolio Connect:

  1. Go to Accounts > Accounts > click the action menu to the right of the account and then select View Account Profile to view the account details.
  2. Navigate to the Billing Settings, click Edit.
  3. Select Single Account from Billing Source options.

    Note: If the account will be billed as part of a group, then select Member of Group in the Billing Source section and assign the fee schedule to the group.
     
  4. Choose Manual as the Payment Method.
  5. Select the appropriate Billing Start Date to indicate when the billing calculations should begin for the account.
  6. Choose the Fee Schedule to assign from the dropdown.
  7. Optionally add a Fee Adjustment. Increase or decrease your fee amount by adding a positive or negative value. 

    Note: Fee adjustments are static and will remain on the account until removed.
     
  8. Click Save.

Use this process to manually enter a transaction, such as an external payment or a fee correction amount, toward an account invoice.

  1. Within Portfolio Connect, go to Billing > Billing Overview
  2. Locate the invoice in the Billing Summary grid > click > select Manage Payments
  3. Under Payments, click Add Payment
  4. Select the payment date. 
  5. Populate the payment amount.
    Note: Amounts may be positive or negative. 
    • Positive amounts reduce the total fee amount. For example, a $50 fee calculated by Portfolio Connect with a $40 manual payment entered by advisor results in an unpaid amount of $10.
    • Negative amounts increase the unpaid fee amount. For example, a $50 fee calculated by Portfolio Connect with a -$20 manual payment entered by the advisors increases the unpaid amount to $70. 
  6. Click Save.

Use this process to recognize a manual payment has been received for an account invoice.

  1. Within Portfolio Connect, go to Billing > Billing Overview
  2. To select account(s), check the box(es) to the left of the account(s) > scroll to the Actions dropdown > select Recognize Payments
    o If an account is billed as part of an account group, check the box for the account group to apply the action to members. 
  3. A window will open to allow you to review all payments to recognize under Fees to Recognize. You can also review payments the system was unable to recognize under Excluded Fees
  4. You can exclude a payment from the list by clicking the in-row X on the right. 
  5. Click Recognize Payments.
  • After changing Payment Method to Manual, you can see projected invoices under Billing Summary.
  • After you Recognize Payments toward an invoice, you can see the invoice status update to Paid in Full or Unreconciled.

For additional resources, go to the Help menu at the top of each page in Portfolio Connect. Call the number listed under Contact Us to speak with platform support.

Why can't I add a payment against projected invoices?
Invoices in the projected status have not reached the end of the billing period, which is required for correct valuation. These invoices are subject to change as the market changes. You can view the invoice details to understand how the projected value was calculated.

How to get started in Schwab Advisor Portfolio Connect®
How to review and submit management fees in Schwab Advisor Portfolio Connect®
How to work with fee schedules in Schwab Advisor Portfolio Connect®
Introduction to Schwab Advisor Portfolio Connect®
Introduction to Schwab Advisor Portfolio Connect® Billing