Closing the Month in Modified Cash Accounting
- Reconcile all Bank Accounts (General and Trust)
- Reconcile Unpaid Disbursements
- Reconcile Bank Journals to the G/L
- Run all GL Statements for record keeping (electronic or hard copy)
Refer to your firm's accountant or bookkeeper for more information on additional month end procedures.
Take the following steps to close the month in the Modified Cash Accounting Method:
- Reconcile all of your General Bank Accounts.
- Reconcile all of your Trust Bank Accounts.
- Run the G/L Reconciliation Report.
- Reconcile the Client, Journal, and G/L balances that appear on the G/L Reconciliation Report for the General Bank, Trust Bank, and Client Disbursement Recovery.
NOTE: Run the report group EOM (End of Month) if you want to print all of the sub-ledgers you need to reconcile to the G/L.
- Print all four Financial Statements.
- Click G/L and select End of Month... to open the End of Month window.
- Click to check the Purge Old Entries box to delete non-matter related entries that are more than 24 months old or uncheck it to retain the entries.
NOTE: Purge Old Entries summarizes entries over two years old that are not related to an active matter. Purging old entries is not recommended. >
- Click OK.
- Click Yes on the Close month ending... prompt to close the month.
- Exit the program for the changes to take effect.