Glossary · Billing and revenue
The billing run is the periodic process of calculating advisory fees across all accounts and producing invoices or debit instructions to the custodian.
It is the process where being approximately right is indistinguishable from being wrong. The recurring failures are households not grouped for breakpoints, mid-period funding prorated by hand, and negotiated exceptions that never reached the file.
The structural failure sits underneath those: when the system that bills and the system that reports draw balances from different places at different times, the invoice and the statement disagree and the client holds both.