It is never too early to start preparing for Year End. Avoid the long nights and stressful rush in January of getting your books in order by taking the time now to get everything up to date.
So, where do you start? Here are some ideas on getting your PCLaw® books ready for your Accountant, as well as cleaning up your database to make things run more efficiently:
1) How often have you experienced the pain late in the year of having none of the Bank Reconciliations done? Or, you find problems with the General Ledger balances and spend hours and hours going back through a year of entries to find the errors. Why not find and fix them now? Reconcile your bank accounts and General Ledger through November. Use the G/L Reconciliation Report, located in the Reports drop-down list. This report shows any differences between your General Ledger and main reports.
2) Now, turn your attention to Matters. Look for Matters with no balances or no activity in an open G/L month. Use the Client Summary report to facilitate this task. If you find such Matters and know they are no longer needed and may be archived, go to File – Close Matters and archive them. This step removes them from your active Matter list and makes for a tidy workspace in PCLaw.
3) Time Entries are your next stop. Look at ones in the Time Listing Report. If there are unbilled entries or ones that should not be there, take action and fix them. Not only will this action clean up your Matters, but also it will ensure that all your billing is up to date.
4) Your final clean-up step is to check for any outstanding A/R balances that need resolution. Go to Reports – Accounts Receivable and run the Receivables by Client report from the drop-down menu. It shows outstanding billed balances by matter. If you locate any unpaid invoices, you may decide whether to send the client a past due notice or write off the balance.
Your efforts have enabled you to clean up the accounting, banking, billing, and matter areas within PCLaw, which will save you hours when the pressure is on at year-end. Now, you have the knowledge of where your firm stands financially, a better understanding of PCLaw, and a chance to generate revenue with just a few administrative steps. What a great way to enjoy the upcoming holidays!
What training is available?
There are many different options for PCLaw training. If you are a current Annual Maintenance Plan (AMP) customer, your firm has access to Anytime Training available at LexisNexis University for no additional charge. Anytime Training is an interactive training tool that may be accessed 24/7 and will allow you to train staff on many basic functions of PCLaw. For assistance in signing up, see Help.