Troubleshooting Tips: Modifying & Correcting Accounting Entries in
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2010 Practice Management Annual Conference Troubleshooting Tips: Modifying & Correcting Accounting Entries in PCLaw® Presented by: Nancy Griffing & Donna Brown 2010 Practice Management Annual Conference Proud Members of the 35-45 Consulting Group, LLC Serving our National and International Clients Phone: 888-866-3545 www.3545consulting.com Founders 35-45 Consulting Group, LLC 2010 Practice Management Annual Conference Objectives • Best Practices: Resolve General Ledger Reconciliation Issues • Identify & Correct - G/L Adjustments • G/L Account Types • Troubleshoot G/L reconciliation mismatches 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues • 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 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues 2010 Practice Management Annual Conference Best Practices: Resolve GL Reconciliation Issues 2010 Practice Management Annual Conference Best Practices: Beginning Cash Balances 2010 Practice Management Annual Conference Best Practices: Beginning Cash Balances 2010 Practice Management Annual Conference Best Practices: Entering Opening Trial Balance 2010 Practice Management Annual Conference Best Practices: Entering Opening Trial Balance 2010 Practice Management Annual Conference Best Practices: Using Explanation Codes for GL Allocation 2010 Practice Management Annual Conference Best Practices: Using Explanation Codes for GL Allocation 2010 Practice Management Annual Conference Identify and Correct: G/L Adjustments • Triple Check Cash Account Balances • Adjusting Subledgers (Subsidiary Ledger) to General Ledger Balances 2010 Practice Management Annual Conference Accounting 101 – Debits and Credits Debits Credits Assets Liabilities Income Capital Expenses 2010 Practice Management Annual Conference Identify and Correct: G/L Adjustments • Triple Check Cash Account Balances 2010 Practice Management Annual Conference Identify and Correct: G/L Adjustments • Adjusting Subledgers (Subsidiary Ledger) to General Ledger Balances 2010 Practice Management Annual Conference Identify and Correct: G/L Adjustments • Adjusting Subledgers (Subsidiary Ledger) to General Ledger Balances 2010 Practice Management Annual Conference Identify and Correct: G/L Adjustments • Adjusting Subledgers (Subsidiary Ledger) to General Ledger Balances Accrual Hard Costs Debit 5210 Client Hard Cost Recovery learing Credit 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 Annual Conference Identify and Correct: G/L Adjustments • 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 2010 Practice Management Annual 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 Annual Conference Identify and Correct: Bank Reconciliation 2010 Practice Management Annual Conference Identify and Correct: G/L Adjustments 2010 Practice Management Annual Conference Identify and Correct: G/L Adjustments 2010 Practice Management Annual Conference G/L Account Types • Internal PCLaw Accounts • Changing Account Types 2010 Practice Management Annual Conference G/L Account Types • Internal PCLaw Accounts 2010 Practice Management Annual Conference G/L Account Types • Changing Account Types 2010 Practice Management Annual Conference Troubleshoot G/L Reconciliation Mismatches • Printing Financial Statements 2010 Practice Management Annual Conference Troubleshoot G/L Reconciliation Mismatches • Closing Month/Year 2010 Practice Management Annual Conference Troubleshoot G/L Reconciliation Mismatches • Verify Fees 2010 Practice Management Annual Conference Summary • 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 2010 Practice Management Annual Conference Additional 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 Annual 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 Annual Conference
