Attorney Trust Accounting Archives | Page 4 of 12

Tech Tip #107-Ledger Overdrafts Are Avoidable

February 21, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips

A ledger shows the amount of client funds a particular matter has. Understand that disbursements or invoice payments shouldn’t affect any balance other than the related matter in terms of ledgers. CosmoLex has your back by not allowing overdrafts from a matter and will give you the reason why. For more helpful tricks in handling client […]

Tech Tip #105-Make The 3-Way Reconciliation Process Easier By Migrating Your Data

February 8, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips

The 3-Way Reconciliation Process can be a challenging endeavor for law firms. While it’s required to do this every 30-60 days, it is extremely beneficial to complete the process much more frequently. The problem is the process can be both long and difficult. Migrating all of your legal accounting data into CosmoLex will give your […]

Tech Tip #95-Irrespective of Where You Keep Your Client Funds, Keep Them Separate

December 20, 2016 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips

It’s not secret that lawyers utilize retainers to maintain positive cash flow for their firm. In most jurisdictions, all client funds must be kept in trust accounts, but in few jurisdictions, such as NJ, NY, client advances may be kept in operating accounts. Regardless of whether your firm keeps client funds in an operating or […]

Tech Tip #94-Review Your Trust Accounts Before Year-End

December 15, 2016 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips

With trust accounting being so heavily scrutinized there is never a good time for them to be out of order. While there isn’t a good time for this, the end of the year may be one of the worst times for them to be a mess. Don’t head into 2017 with messy trust accounts. Review […]

Tech Tip #93-Complete Account Reconciliation Before Year-End

December 13, 2016 / by CosmoLex Team / Attorney Trust Accounting, Law Firm Accounting, Tech Tips

50% of businesses haven’t reconciled their bank accounts over the last 6 months! That means there is a one in two chance that your firm is going to head into 2017 without having completed your account reconciliation. An extended period of unreconciled accounts can be a recipe for disaster in the form of compliance issues […]