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Tech Tip #144: Commingling Client Funds Can Bring Your Firm Down
July 13, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
Chances are your firm is working with multiple clients on multiple matters. It is required that funds associated with one matter aren’t commingled with funds that are associated with another. Utilize legal specific accounting software to ensure that client funds are not commingled or used to pay for your firm’s own expenses. Learn more by […]
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Tech Tip #141: Deposit Credit Card Payments To Trust Accounts Appropriately
June 27, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
When credit card deposits are made into a trust account it is important that none of the fees from the credit card merchant provider are deducted from the trust account. These fees need to be deducted from your firm’s operating accounts, otherwise, your firm will be guilty of ledger card overdraft and could face ethics […]
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Tech Tip #133: Never Mix Client Funds
May 23, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
Most lawyers manage funds from multiple clients at any given time. It’s great to have retainers and funds on hand for work you have yet to complete, but managing these funds can be challenging. It is extremely important that your firm always makes sure that one client’s funds do not mix with that of another. […]
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Tech Tip #131: How Often Should Your Firm Perform 3-Way Reconciliations?
May 16, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
It’s no secret that there are many laws and regulations associated with how your firm manages trust accounts. Depending on your jurisdiction you may be required to perform a 3-way reconciliation every 30, 60, or 90 days. But is that really enough? The truth is your firm should be reconciling all accounts daily to ensure […]
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Tech Tip #130: Leftover Money in a Trust Account Is Not a Good Thing
May 11, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
If your firm is managing a client trust fund and it has $4,567.78 in it, by the time you finish the relationship with the client you better have paid out $4,567.78 from that trust. When it comes to client trust funds it is imperative that nothing be left behind. Failure to pay out all funds […]
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