Daily Abacus Accounting Activities
Enter all soft costs incurred each day via cost and adjustments
Enter a client payment for each check received from your clients
Enter a trust deposit for each check received for the trust accounts
Enter deposits received from sources other than clients via general ledger journal entries
NOTE: Be sure to describe these entries as Cash Receipts so they will appear on the bank reconciliation.
Monthly Abacus Accounting Activities
Print prebills and give them to the responsible timekeeper to review
Print and post trust checks from the requests that appeared after the actual bills were printed
Post the trust checks that were generated through billing as payments received
If you don’t have your system automated to merge your recurring payables, remember to merge your recurring payables manually
NOTE: If you merge each month at the end of the month for the following month, your cash requirement report will be accurate
Reconcile operating accounts to the general ledger and reconcile trust bank accounts to the general ledger and the matter trust activity ledger
NOTE: For both reconciliations, print out the check register to attach to the bank reconciliation report. Also, be sure to print the Trust Detail report to verify that the ending balance matches the check register.
Record the journal entries for payroll
Yearly Abacus Accounting Activities
Balance your operating account for December or the last month of your fiscal year
Balance your trust accounts for December or the last month of your fiscal year
NOTE: Remember the Trust Detail report must balance to the check book register.
Print yearly reports and send all required reports to your tax accountant
Enter the adjusting entries you will receive from your tax accountant
NOTE: Be sure to enter them with their proper dates. Ask if your accountant needs any further information.