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2015 Feature Friday PCLaw Month-end Close Processes December 11, 2015 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 0 Serving our National and International Clients Phone: 888-866-3545

  1. 2015 Feature Friday PCLaw Month-end Close Processes December 11, 2015 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 0

  2. Serving our National and International Clients Phone: 888-866-3545 www.3545consulting.com ngriffing@3545consulting.com 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 1

  3. Agenda Introduction Topic 1 – Items to be Completed Prior to EOM Topic 2 – Month-end Checklist Topic 3 – Bank Reconciliation for the Month Topic 4 – Cash Triple Check 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 2

  4. Agenda Topic 5 – Balance Cash Ledger to General Ledger Topic 6 – Generate Reports Topic 7 – Review P&L, Balance Sheet, Trial Balance & GL Topic 8 – Close the Month Conclusion / Q&A 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 3

  5. Items to be Completed Prior to EOM • Billing • Create Month End Folder in Windows Explorer • Save Bank Statements to the Month End Folder 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 4

  6. Month-end Checklist  • Bank Reconciliations for the Month • Cash Triple Check • Balance Cash Ledger to General Ledger • Generate Reports • Review P&L, Balance Sheet, Trial Balance & GL • Close the Month 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 5

  7. Bank Reconciliations for the Month  • Reconcile Bank Accounts • Save Bank Reconciliation Reports to the Month End folder 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 6

  8. Cash Triple Check  Be sure to save the General and Trust Bank Journals in the Month End Folder. 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 7

  9. Cash Triple Check  11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 8

  10. Cash Triple Check  11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 9

  11. Cash Triple Check  11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 10

  12. Cash Triple Check  11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 11

  13. Balance & Review Subsidiary Ledgers  • Client Costs (Modified Cash) • Accounts Receivable (Accrual) • Accounts Payable (Accrual) 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 12

  14. Balance & Review Subsidiary Ledgers  Client Costs (Modified Cash) 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 13

  15. Balance & Review Subsidiary Ledgers  Client Costs (Modified Cash) 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 14

  16. Balance & Review Subsidiary Ledgers  Client Costs (Modified Cash) The total of the Hard Costs should match the balance of the 1210 account on Modified Cash (Separating Hard and Soft Costs) Note: Some CPAs will say the 1210 should contain contingent costs only for tax purposes. By using the summary by area of practice you can determine the contingent expenses. This report is the support you will need either way. 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 15

  17. Balance & Review Subsidiary Ledgers  Accounts Receivable • Accrual Basis – Reserve for Doubtful Accounts − Balance total to Trial Balance • Modified Cash – Write-off Uncollectable Balances (Can be written up if collected) − Retain final report 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 16

  18. Balance & Review Subsidiary Ledgers  Accounts Receivable Review the balances by Matter with aging. Have Responsible Lawyer make notes with regards to collections. On Accrual Basis balance to Trial Balance 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 17

  19. Balance & Review Subsidiary Ledgers  Accounts Payable • Review for accuracy 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 18

  20. Generate Reports  • Fees Collected Summary • Work In Progress 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 19

  21. Generate Reports  The Fees Collected Summary provides a MTD and YTD analysis of the fees your firm collects. The report summarizes the fees by Fee Credit Lawyer and Responsible Lawyer. The report also compares YTD totals to the prior YTD totals and shows the percentage of change between the two years 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 20

  22. Generate Reports  Dec/31/2014 Review totals YTD by attorney and match to Income Statement Revenue. 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 21

  23. Generate Reports  12/31/2014 12/31/2014 Review the Work in Progress report; it lists all unbilled fees and expenses. Year-end is a good time to clear out old charges that will not be billed. Accrual Accounting can show this total on Financial Statements. 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 22

  24. Review Work In Progress  12/31/2014 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 23

  25. Review P&L, Balance Sheet, Trial Balance & GL  P&L 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 24

  26. Review P&L, Balance Sheet, Trial Balance & GL  Balance Sheet 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 25

  27. Review P&L, Balance Sheet, Trial Balance & GL  Trial Balance 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 26

  28. Review P&L, Balance Sheet, Trial Balance & GL  General Ledger Check for missing or miss classified items. 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 27

  29. Review P&L, Balance Sheet and Trial Balance  • If your Trial Balance balances to 0 • . . . And If you can verify all of the numbers on the Balance Sheet • . . . And if your Revenue balances to subsidiary ledger • . . . .then Net Income is correct 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 28

  30. Close the Month  • Print to PDF (Save to Month End Folder) − Bank Statements & Reconciliation − General & Trust Bank Journal − Client Costs − Accounts Receivable − Accounts Payable − Fees Collected Summary 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 29

  31. Close the Month  − WIP − Trial Balance − Balance Sheet − Income Statement − General Ledger with Detail − (Any additional information used to complete EOM) • Close the Month 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 30

  32. http://3545consulting.com/ Proud Members of the 35-45 Consulting Group, LLC Serving our National and International Clients Phone: 888-866-3545 www.3545consulting.com ngriffing@3545consulting.com 11011 Richmond, Suite 600 | Houston, Texas 77042 | 713.789.3323 | www.3545consulting.com 31

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