Accounts Receivable Demonstrations
Reviews the process of depositing funds into the bank account.
The LAWS/Pro Accounts Receivable system provides the means of managing the amount owed to the firm from clients.
Invoices are automatically added to the firms accounts receivable as the clients invoices are posted. Cash received from clients automatically decrease the amount due.
A wide variety of functions are available within the Accounts receivable designed to help manage the amount due to the firm including:
PROCESSING OF CASH RECEIPTS:
consists of depositing funds into the firm's bank account and maintaining
accurate records pertaining to those deposits. LAWS/Pro utilizes a cash basis accounting system meaning revenue is posted when receipts are
processed rather than when client invoices are generated. Cash Receipts Processing automatically records the cash received into the firm's bank
account and general ledger, and relieves outstanding client receivables.
LAWS/Pro is designed to process all receipts received by the firm including:
Accounts receivable receipts: Funds received from clients paying off existing accounts receivable invoices.
Client miscellaneous receipts: Receipts received by clients for items not associated with existing invoices. Examples include retainers (on account receipts) deposited in the general fund or reimbursement of non-billed client expenses.
Non-client related miscellaneous receipts: All receipts not associated with existing A/R or clients. Examples include sale of assets, tax refunds, etc.
Trust Receipts: Funds received from clients which are deposited and stored into the firm's trust account(s).
The LAWS/Pro Cash Receipts Processing is comprehensive, yet simple to use.
The user simply enters in the amount of the receipt, description, client, and/or matter to which the receipt pertains.
The user specifies the type or receipt - A/R, Client Miscellaneous, Non-client Miscellaneous, or Trust - and the system allocates the payment appropriately.
All processed receipts are listed for visual review. The total received should agree with the deposit taken to the bank.
The posting of the receipt will automatically relieve the Accounts Receivable and record the revenue received within the general ledger.
ACCOUNTS RECEIVABLE REPORTING:
LAWS/Pro offers a wide range of Accounts Receivable reporting and on-line inquiry including Aged A/R, Cash Receipt Journals, and Billing Journals.
All reports may be generated using a wide variety of selection criteria including:
Specific client or all clients
Specific attorney or all attorneys
Summary options - detail activity, - or - summary by Matter, Client, or Attorney
CLIENT REMINDER STATEMENTS:
Reminder Statements allows the option of generating statements to clients detailing the amount due.
Statements may display only the balance due or may display all activity pertaining to the invoice within the billing cycle - beginning balance, billings, payments, adjustments, and balance due.
The client reminder statements may be e-mailed to clients eliminating printing, stuffing of envelopes, and the cost of postage.
available within the LAWS/Pro Accounts Receivable include:
Seamlessly integrated with the LAWS/Pro General Ledger, Client Invoicing, Activity Calendar, and Trust Processing.
Automatically accumulates fees received by working attorney, billing attorney, client and matter allowing for meaningful productivity reporting,
Full on-line accounts receivable inquiry capabilities allowing for the quick review of balances due, billings, receipts, or write offs by client or the attorney responsible for collection,
A wide variety of reporting features including Aged A/R reports, billing journals, and cash receipts journals.