2010 practice management annual conference troubleshooting tips: modifying & correcting...
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2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Troubleshooting Tips:Modifying & Correcting Accounting
Entries in PCLaw®
Presented by:
Nancy Griffing & Donna Brown
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Proud Members of the 35-45 Consulting Group, LLC
Serving our National and International ClientsPhone: 888-866-3545
www.3545consulting.com
Founders 35-45 Consulting Group, LLC
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual ConferenceObjectives
• Best Practices: Resolve General Ledger Reconciliation Issues
• Identify & Correct - G/L Adjustments
• G/L Account Types
• Troubleshoot G/L reconciliation mismatches
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
• Getting Started with PCLaw GL Accounting– System Settings– Entering Beginning Cash Balances – Entering Opening Trial Balance
• Using Explanation Codes for GL Allocation– “A” Codes for Task Based Billing – “E” Codes for Client Costs– “F” Codes for Firm Costs
Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices: Resolve GL Reconciliation Issues
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual ConferenceBest Practices: Beginning Cash Balances
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual ConferenceBest Practices: Beginning Cash Balances
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Best Practices: Entering Opening Trial Balance
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Best Practices: Entering Opening Trial Balance
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices:Using Explanation Codes for GL Allocation
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference Best Practices:Using Explanation Codes for GL Allocation
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Identify and Correct: G/L Adjustments
• Triple Check Cash Account Balances• Adjusting Subledgers (Subsidiary Ledger) to General Ledger
Balances
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Accounting 101 – Debits and Credits
Debits Credits
Assets
Liabilities
Income
Capital
Expenses
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Identify and Correct: G/L Adjustments
• Triple Check Cash Account Balances
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
• Adjusting Subledgers (Subsidiary Ledger) to General Ledger Balances
Identify and Correct: G/L Adjustments
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
• Adjusting Subledgers (Subsidiary Ledger) to General Ledger Balances
Identify and Correct: G/L Adjustments
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
• Adjusting Subledgers (Subsidiary Ledger) to General Ledger Balances
Identify and Correct: G/L Adjustments
Accrual Hard Costs
Debit Credit
5210 Client Hard Cost Recovery learing Cash
PCLaw
1210 Client Hard Cost 5210 Client Hard Cost Recovery
Billing
1200 Accounts Receivable 1210 Client Hard Cost
Client Pays
Cash 1200 Accounts Receivable
If the item is paid, the 1210 account is cleared out. Any items remaining in the 1210 account are unpaid Hard Costs
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
• Adjusting Subledgers (Subsidiary Ledger) to General Ledger Balances
Modified Cash Hard Costs
Debit Credit
5210 Client Hard Expens Recovery Clearing
Cash
PCLaw
1210 Client Hard Cost 5210 Client Hard Cost Recovery
Client Pays
Cash 1210 Client Hard Cost
If the item is paid, the 1210 account is cleared out. Any items remaining in the 1210 account are unpaid Hard Costs
Identify and Correct: G/L Adjustments
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Identify and Correct: G/L Adjustments
Cash Hard Costs
Debit Credit
5210 Client Hard Cost Recovery Clearing Cash
PCLaw
5010 Client Hard Cost 5210 Client Hard Cost Recovery
Billing - No Effect
Client Pays
Cash 5010 Client Hard Cost
If the item is paid, the 5010 account is cleared out. Any items remaining in the 5010 account are unpaid Hard Costs
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Identify and Correct: Bank Reconciliation
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Identify and Correct: G/L Adjustments
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Identify and Correct: G/L Adjustments
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
G/L Account Types
• Internal PCLaw Accounts• Changing Account Types
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
G/L Account Types
• Internal PCLaw Accounts
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
G/L Account Types
• Changing Account Types
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Troubleshoot G/L Reconciliation Mismatches
• Printing Financial Statements
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Troubleshoot G/L Reconciliation Mismatches
• Closing Month/Year
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Troubleshoot G/L Reconciliation Mismatches
• Verify Fees
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
• Best Practices: Resolve General Ledger Reconciliation Issues– System Settings– Input Opening Balances Cash Accounts & GL– Using Explanation Codes for GL Allocation
• Identify incorrect G/L Adjustments– Accounting 101 (Pregnant Alice)– Triple Check Cash Account Balances– Adjusting Subledgers to General Ledger Balances– Bank Reconciliation– Adjusting Journal Entries
• G/L Account Types – Internal PCLaw Accounts– Account Types
• Troubleshoot G/L reconciliation mismatches – Using PCLaw Reports Effectively – Printing Financial Statements– Closing Month/Year
Summary
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual ConferenceAdditional Training Opportunities
• For additional training opportunities, visit LexisNexis® University, where you may learn more about eLearning, eConsulting, Classroom, Anytime, and Just in Time Training class offerings.
• Also available are an extensive network of LexisNexis® Certified Independent Consultants (CICs) who offer on-site training, installation, and maintenance of Practice Management software systems.
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
Thank You!Nancy Griffing & Donna Brown
Proud Members of the 35-45 Consulting Group, LLC.
Phone: 888-866-3545
www.3545consulting.com
Founders 35-45 Consulting Group, LLC
2010 Practice Management 2010 Practice Management
Annual ConferenceAnnual Conference
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