Tracking finances when I share profits with group
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I spend part of my week working at my solo Private Practice, where I keep 100% of my profits, and I spend the rest of the week at a group practice, where I keep 50% of my profits. I'm not totally sure how to track my income at the group practice. Is there a way to record the full fee the client paid, will also showing that I have received 50% of the income as profit?
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Thanks Gillian,
I don't bill my group practice clients through SP, however I would like to use it to accurately track my income (especially since I am billing my private clients through SP).
I had been using the "write-off" function to adjust each session to the amount that I actually receive as payment. It's a bit of an inelegant solution because then it appears that clients are only paying half as much as what they actually did, but it does allow me to get an accurate estimate of my income. These clients get superbills from the group practice, however, so they are receiving accurate documentation, I just can't generate that from SP.
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Hi Jeffrey, I was actually going to suggest using the write-off function to do this - essentially, you're writing off the portion of the fee that you're not receiving because it's going to the group practice. It sounds like you're already doing that, and that it's working for you to estimate your income, which is great. Right now, within SimplePractice's current capabilities, that's the best way to track your income when working with two different client lists.
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