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Accounts Receivable - Cash Receipts
The Processing Of Cash Receipts consists of depositing funds into the firm's bank account
and maintaining accurate records pertaining to those deposits. L.A.W.S./Pro
utilizes a cash basis accounting system meaning revenue is posted when receipts are processed rather than when
client invoices are generated.
Cash Receipts Processing automatically records the cash received into the firm's
bank account and general ledger, and relieves outstanding client receivables.
L.A.W.S./Pro is designed to process all receipts
received by the firm including:
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Accounts receivable receipts: Funds received from clients paying off existing accounts
receivable invoices.
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Client miscellaneous receipts: Receipts received by clients for items not associated
with existing invoices. Examples include retainers (on account receipts) deposited in
the general fund or reimbursement of non-billed client expenses.
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Non-client related miscellaneous receipts: All receipts not associated with existing
A/R or clients. Examples include sale of assets, tax refunds, etc.
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Trust Receipts: Funds received from clients which are deposited and stored into
the firm's trust account(s).
The L.A.W.S./Pro Cash Receipts Processing is comprehensive,
yet simple to use.
The user simply enters in the amount of the receipt, description, client, and/or matter to
which the receipt pertains.
The user specifies the type or receipt - A/R, Client Miscellaneous, Non-client Miscellaneous, or Trust - and the
system allocates the payment appropriately.
All processed receipts are listed for visual review. The total received should agree with the
deposit taken to the bank.
The posting of the receipt will automatically relieve the Accounts Receivable and record the
revenue received within the general ledger.
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More Info
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Virtual Administration -
Coordinates the firm's internal operating procedures utilizing L.A.W.S./Pro. by shifting the
burden of internal administration away from the firm to a certified Virtual Administrator.
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Inefficiencies -
Common inefficiencies within small law firms addressed through the use of
L.A.W.S./Pro and Virtual Administration.
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