Sunday, April 3, 2011

End of Month (EOM) Reports

End of Month (EOM) reports are by default set up to include 15 reports, some of which are repetitive. The LSUC’s By-law 9, sec. 18 sets out the minimum bookkeeping records. Some of these include bank statements and cancelled cheques, which are items over and above PCLaw reports.

You can change (Reports – Report Group – EOM - Change) the list of EOM reports to include only the reports required by the LSUC. These include:

  1. Trust matter to matter transfers
  2. Trust bank journal
  3. Client trust ledgers
  4. General bank journal
  5. Invoice journal
These are the minimum requirements, to which I would recommend adding the GST (HST) journal and full client ledgers.

In addition to these reports and bank statements, you need to keep your signed Form 9s and the matching signed bank transfers, monthly trust comparison reports, and a duplicate cash receipt booklet, plus any mortgage records.

You are not actually required to print or save copies of these reports, but only to be able to reproduce them on demand.  However, saving electronic copies of these reports, in a place other than on the same hard-drive as PCLaw, will protect you should your system crash or the data becomes corrupted.

As always, I invite your comments and suggestions for future posting topics. Next week – The Register.