TRY IT FREE NOW or  TALK TO OUR TEAM

7 Reports Vital for Trust Accounting

7_Reports_Vital_for_Trust_Accounting

Trust accounting, also known as escrow accounting or IOLTA accounting, is an essential component of every law firm. From tracking client funds in trust accounts to meeting state regulations to maintaining a complete record of clean and accurate three-way reconciliations, trust accounting requires meticulous bookkeeping of both software records and paper trails. Although trust accounting […]

Read more

Tech Tip #204: Your Firm Needs A Complete Picture of Matter Balances

tech_tip_clear_picture_matter_balances

When putting together a complete picture of your firm’s matter balances it should include account A/R, WIP, and your trust balances. Open invoices with trust retainers must first be cleared by drawing funds from trust (if any) into general and AR balances. Employing an automated legal accounting solution can help firms manage their matter balances […]

Read more

Tech Tip #203: Your Firm Shouldn’t Use General Accounting Software For Trust Accounting

Tech Tip - Your Firm Shouldn’t Use General Accounting Software For Trust Accounting

Trust accounting requires legal-specific accounting, so the system your firm uses to manage its trusts should be legal-specific. General systems require workarounds to create the appropriate ledgers and reports and even then it will not provide the appropriate safeguards against overdrafts, commingling, and deposits that aren’t associated with a matter. Learn more about Trust Accounting […]

Read more

1 2 3 88

Try CosmoLex Legal Practice Management Software

Try It Free Now

Get An Instant 10-Minute Demo

– CosmoLex connects with the tools you know and love –

google
dropbox
box
Microsoft Office 365
OneDrive
lawpay
casemaker
gmail
outlook
outlook
top