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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 […]

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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 […]

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