Balance Report

Home » Services » Custom Reports » General Ledger » Balance Report

Are your Client Ledgers and the General Ledger in balance?  Most law firms operate on an accrual basis for all cash expenses advanced by the firm on behalf of your clients (Hard Costs).   This is an area where a lot of firms have trouble staying in balance.  The WIP and A/R cash expense balances, which appear on your Client Ledger, should balance to the corresponding asset accounts in the General Ledger.  In most firms, this is not usually the case.

Firm Options, Inc. offers a service that will balance these ledgers and teach you how to maintain synchronization going forward.

We will analyze your data and create a customized report (“Balance Report”) specifically for your data to ensure Client Ledgers balance to General Ledger in the following areas:

  • AR Cash Expenses
  • Unbilled Cash Expenses
  • Cash Expenses Written Off
  • Fees Received
  • Prepaid Balances
  • Client Trust Balances balance to the GL Asset, the corresponding GL Liability correctly offsets the Asset, and ensure Trust Transfers are performed timely
  • Bank Account Asset accounts balance to the corresponding GL Asset

There are many law firms who use our Balance Report.  These firms are always in balance to the penny every day and if not, the Balance Report helps them identify what went wrong so the problem can be easily corrected.  It’s a great tool to make sure nothing slips through the cracks in the event of a posting error.

The Balance Report also provides a full listing of the Juris GL Integration.  It will list in detail how, and when every Journal Entry is created from your Juris system.

If you wish to discuss any of the above in more detail, please email us and we can schedule a telephone conference at your convenience.

Firm Options, Inc