Thursday, March 17, 2011
We previously discussed Accounts Receivable and how this information is displayed on reports. I thought I would continue with the other reports available within PCLaw. There are several reasons why it is good practice to review your Work-In-Progress (WIP) report often.
Reviewing the report frequently ensures that you catch missed fees and disbursements, while they are still fresh in your mind.
You may find you have indeed posted your time and disbursements, but neglected to finalize your account and remit your invoice to your client.
Matters that are old and have stale activity should be discussed with the client - to obtain instructions to either proceed or close the file. If you have lost contact with the client, close the matter and forward any trust funds to the LSUC.
The WIP report is also another place where you can locate general retainer errors. If the LSUC’s rules are followed, there should not be any general retainers on the report, but mistakes do happen. If you do find a general retainer balance, transfer the funds to from general to trust – both in PCLaw and between your bank accounts.
As always, I invite your comments and suggestions for future post topics. Next week – Client Summary Reports.