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Tech Tip #190: Ensure Proper Handling of Client Funds in 2018
January 18, 2018 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
When it comes to handling client funds there are a number of things you must do and a number of things you absolutely cannot do. Failing to meet the requirements associated with handling the funds of clients can land your firm in hot water. As we jump into 2018 find a legal-specific accounting solution that […]
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Tech Tip #186: QuickBooks Lacks the Trust Reports Needed By Law Firms
January 4, 2018 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
Trust accounting is much more in-depth and more heavily scrutinized than your firm’s operating accounting. It requires that a three-way reconciliation is performed monthly. QuickBooks can break down activity and balance by matter, but it doesn’t allow firms to run reports breaking down book balance, bank balance, and the sum of individual card balances- which […]
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Tech Tip #183: Compliance Should Be #1 Priority in Legal Accounting
December 21, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
If you are an attorney you’re familiar with trust accounting and you probably aren’t fond of it either. Unfortunately, it is an area of running a law firm that can’t be ignored. Firms will often ignore the 3-way reconciliation process until it is required because it’s complex. Put technology in place that automates the process and […]
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Tech Tip #167: Prevent Client Ledger Overdrafts
October 17, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
Over drafting a client ledger can spell major trouble for your firm. For firms using QuickBooks Online (QBO) or other general business purpose accounting software, there’s usually nothing preventing you from over-drafting the ledger. If you’re using a general accounting software, inquire how overdrafts are handled, then switch to a legal-specific solution that has safeguards in […]
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Tech Tip #166: Don’t Depend on Workarounds To Generate 3-Way Trust Reconciliations
October 12, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
3-way reconciliation reports are the holy grail of trust accounting. Most jurisdictions mandate it. For firms using QuickBooks Online (QBO), generating a 3-way reconciliation report requires them to create workarounds. Sure, QBO can create multiple reports that show the individual balances needed to create a 3-way reconciliation report, but it cannot run a unified summary […]
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