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15225 Abacus Accounting 2015 Reference Guide Practice Control Fast & Easy Last

15225 Abacus Accounting 2015 Reference Guide Practice Control Fast & Easy Last Updated October 23, 2014 Copyright ©2014 Abacus Data Systems, Inc. All rights reserved Trademarks Abacus Accounting is a trademark of Abacus Data Systems, Inc. Other trademarks are owned by their respective manufacturers. Special thanks To all our Abacus users for your suggestions and recommendations that have helped over 250,000 people to know and love Abacus. To contact us Abacus Data Systems, Inc. 9191 Towne Centre Drive, Suite 180 San Diego, CA 92122 Administration 858.452.4280 Support 800.488.3334 Sales 800.726.3339 support email: support@abacuslaw.com website: http://www.abacuslaw.com Contents 1. Getting Started .............................................................................................................................. 9 What Is Abacus Accounting? ................................................................................................... 9 Logging in to Abacus Accounting ............................................................................................. 9 Exiting Abacus Accounting ..................................................................................................... 10 Accounting Basics .................................................................................................................. 10 Quick Review of Debits vs. Credits ........................................................................... 10 Hard Costs vs. Soft Costs ......................................................................................... 10 General Accounting Definitions ................................................................................. 11 Overview of Ledgers .............................................................................................................. 13 Daily, Monthly, and Year-End Activities in Abacus Accounting ............................................. 17 Daily Abacus Accounting Activities ........................................................................... 17 Monthly Abacus Accounting Activities ...................................................................... 18 Yearly Abacus Accounting Activities ......................................................................... 19 2. Setup ............................................................................................................................................ 20 Changing Your Company Preferences .................................................................................. 20 Changing General Information for Your Company Preferences ............................... 20 Changing the Check Types You Use ........................................................................ 22 Changing Your Company Address Information ........................................................ 23 Setting Up Multiple Companies .............................................................................................. 24 Setting Workstation Options ................................................................................................... 25 Setting Display/Printing Options ............................................................................... 25 Setting Data Entry Options........................................................................................ 26 Setting Miscellaneous Workstation Options.............................................................. 29 Setting Email Options for Reporting .......................................................................... 31 Setting Spell Check Options ..................................................................................... 32 User Management .................................................................................................................. 32 Setting New Matter Defaults .................................................................................................. 33 Maintaining Timekeeper Codes ............................................................................................. 34 Adding/Editing Timekeeper Codes ........................................................................... 34 Maintaining Timekeeper Divisions ......................................................................................... 36 Adding/Editing Timekeeper Divisions ....................................................................... 37 Maintaining Timekeeper Titles ............................................................................................... 38 Adding/Editing Timekeeper Titles ............................................................................. 38 Maintaining Timekeeper Budgets........................................................................................... 39 Adding/Editing Timekeeper Budgets ......................................................................... 40 Maintaining Case Codes ........................................................................................................ 40 Adding/Editing Case Codes ...................................................................................... 41 Maintaining Client Expense Codes ........................................................................................ 42 Adding/Editing Client Expense Codes ...................................................................... 43 Maintaining Activity Codes ..................................................................................................... 44 Adding/Editing Activity Codes ................................................................................... 45 Maintaining Time Ticket Codes .............................................................................................. 47 Adding/Editing Time Ticket Codes ............................................................................ 47 Maintaining Task Based Billing Codes ................................................................................... 48 Adding/Editing Task Based Billing Codes ................................................................. 49 Abacus Accounting Reference Guide Contents i Maintaining Billing Format Codes .......................................................................................... 50 Adding/Editing Billing Format Codes ........................................................................ 51 Using Report Editor for Billing Format Codes ........................................................... 56 Maintaining the Chart of Accounts ......................................................................................... 58 Adding/Editing Accounts ........................................................................................... 59 Setting Default Accounts ........................................................................................................ 62 Maintaining Vendors .............................................................................................................. 63 Adding Vendors ......................................................................................................... 65 Editing Vendors ......................................................................................................... 66 3. Matters ......................................................................................................................................... 69 Adding Matters ....................................................................................................................... 69 Viewing Matters ...................................................................................................................... 72 Editing Matters ....................................................................................................................... 72 Editing General Information for Matters .................................................................... 73 Editing Billing Information for Matters ....................................................................... 74 Editing Monthly Fee Billing for Matters ..................................................................... 76 Editing Rates for Matters ........................................................................................... 77 Editing Billing Address for Matters ............................................................................ 80 Editing General Comments for Matters ..................................................................... 80 Editing Fee Sharing for Matters ................................................................................ 81 Editing Credit Card Information for Matters .............................................................. 81 Editing Payment Schedule for Matters ...................................................................... 81 Fee Sharing ............................................................................................................................ 82 Overview of Fee Sharing ........................................................................................... 82 Fee Sharing Procedure ............................................................................................. 82 Note about Implementing Fee Sharing ..................................................................... 83 Note about Reports ................................................................................................... 83 Implementing Flat Fee with Payment Schedule ..................................................................... 84 Editing Closed Matters ........................................................................................................... 86 Writing Off Matters ................................................................................................................. 87 Transferring Matter Billing Activity.......................................................................................... 88 Transferring Matter Trust Activity ........................................................................................... 89 Matter Financial Summary Report ......................................................................................... 89 Matter History Report ............................................................................................................. 90 4. Managing Your Billing Cycle ..................................................................................................... 93 Steps in the Billing Cycle ........................................................................................................ 93 Entering Time ......................................................................................................................... 95 Overview of Time Tickets .......................................................................................... 95 Entering Time Tickets from AbacusLaw ................................................................... 95 Managing Time Tickets from Abacus Accounting ..................................................... 95 Finding Time Tickets ................................................................................................. 96 Adding, Cloning, or Editing Time Tickets .................................................................. 97 Transferring Time Tickets ......................................................................................... 99 Managing Soft Costs and Adjustments ................................................................................ 101 Adding/Editing Soft Costs and Adjustments ........................................................... 102 Organizing and Posting Prebills and Bills ............................................................................ 103 Overview of Prebills and Bills .................................................................................. 103 Viewing Prebills and Bills ........................................................................................ 103 Setting Billing Criteria by Group .............................................................................. 105 Setting Billing Criteria by Client-Matter ................................................................... 108 Printing Prebills and Bills ......................................................................................... 110 Printing Prebills/Bills to File ..................................................................................... 111 Adjusting Prebills ..................................................................................................... 111 Managing Bills through Bill Preview ........................................................................ 112 Reprinting Posted Actual Bills ................................................................................. 113 Speed Billing ........................................................................................................................ 113 Generating the Combined Matters Cover Page ................................................................... 116 Posting/Unposting Bills ........................................................................................................ 118 Posting Bills ............................................................................................................. 118 Unposting Bills ........................................................................................................ 119 Client Payments ................................................................................................................... 120 Adding/Editing Client Payments .............................................................................. 121 Printing a Deposit Slip for a Client Payment ........................................................... 124 Posting a Client Payment ........................................................................................ 125 Handling Bounced Checks ................................................................................................... 125 Sending Billing Reminders to Clients ................................................................................... 126 Maintaining Unpaid Bills ....................................................................................................... 128 Viewing/Modifying Unpaid Bills ............................................................................... 130 Matter Billing Activity Ledger ................................................................................................ 131 Viewing the Matter Billing Activity Ledger ............................................................... 131 Viewing/Editing Matter Billing Activity ..................................................................... 132 Showing Bills in PDF Format .................................................................................. 134 Deleting Matter Billing Activity ................................................................................. 134 Viewing Matter Billing Activity for a Deleted Matter ................................................ 134 Split Billing ............................................................................................................................ 135 What is Split Billing? ................................................................................................ 135 Setting Up Split Billing ............................................................................................. 136 Entering Time and Costs for Split Billing Matters ................................................... 138 Processing Split Billing Time and Costs ................................................................. 139 Printing Split Billing Prebills and Actual Bills ........................................................... 140 Posting Split Billing Bills .......................................................................................... 141 Unposting Split Billing Bills ...................................................................................... 141 LEDES 1998B Billing ........................................................................................................... 141 Configuring LEDES Billing ...................................................................................... 141 LED File................................................................................................................... 142 5. Trust Accounts ......................................................................................................................... 145 Matter Trust Activity Ledger ................................................................................................. 145 Viewing the Matter Trust Activity Ledger ................................................................ 145 Editing Matter Trust Activity .................................................................................... 145 Deleting Matter Trust Activity .................................................................................. 146 Viewing Trust Activity for a Deleted Matter ............................................................. 147 Handling Multiple Trust Accounts......................................................................................... 147 Trust Deposits ...................................................................................................................... 148 Adding/Editing Trust Deposits ................................................................................. 148 Deleting Trust Deposits ........................................................................................... 150 Printing Trust Deposits ............................................................................................ 150 Printing Deposit Slips for Trust Deposits ................................................................ 151 Posting Trust Deposits ............................................................................................ 152 Abacus Accounting Reference Guide Contents iii Processing Trust Checks ..................................................................................................... 152 Processing Trust Checks with the Trust Demand Check Writer ............................. 153 Processing Trust Checks with the 2-Step Method for Trust Checks ...................... 154 Voiding Trust Checks ........................................................................................................... 160 Reconciling Trust Accounts .................................................................................................. 160 Viewing the Check Register ................................................................................................. 160 Distributing Trust Account Interest ....................................................................................... 160 6. Accounts Payable ..................................................................................................................... 162 Processing Payables ............................................................................................................ 162 Processing Payables with the Demand Check Writer ............................................ 162 Processing Debit Transactions for Multiple Expense Accounts .............................. 166 Processing Payables with the 2-Step Method for Payables ................................... 166 Processing Payables with Credit Cards .................................................................. 173 Processing Payables for Credit Card Payments ..................................................... 173 Holding A/P Invoices ............................................................................................................ 173 To place an invoice on hold: ................................................................................... 173 To remove the hold on an invoice: .......................................................................... 174 Adjusting Posted Payables .................................................................................................. 174 Correcting for Common Check Errors .................................................................................. 175 Voiding Checks for Accounts Payable .................................................................... 175 Changing an Incorrect Check Number .................................................................... 175 Deleting Checks ...................................................................................................... 175 Reconciling Bank Accounts..................................................................................... 175 Recurring Payables .............................................................................................................. 175 Adding/Editing Recurring Payables ........................................................................ 176 Merging Recurring Payables for Payment .............................................................. 177 Automatic Merging of Recurring Payables .............................................................. 178 Using Credit Cards ............................................................................................................... 178 Creating a Credit Card Liability Account ................................................................. 178 Recording Credit Card Transactions ....................................................................... 179 Downloading Credit Card Statements ..................................................................... 180 Reconciling Credit Card Accounts .......................................................................... 182 Viewing the Vendor Ledger .................................................................................................. 182 Viewing/Editing Vendor Transactions ..................................................................... 183 Viewing the Check Register ................................................................................................. 184 7. General Ledger ......................................................................................................................... 185 Viewing the General Ledger ................................................................................................. 185 Viewing More Detail for General Ledger Journal Entries ........................................ 186 Editing Description for General Ledger Journal Entries .......................................... 187 Posting Journal Entries ........................................................................................................ 187 Adding/Editing General Ledger Journal Entries before Posting ............................. 188 Adjusting Trust Activity ............................................................................................ 190 Recurring General Ledger Journal Entries .......................................................................... 191 Adding/Editing Recurring Journal Entries ............................................................... 192 Merging Recurring Journal Entries for Posting ....................................................... 192 Automatic Merging of Recurring Journal Entries .................................................... 193 Reversing Journal Entries .................................................................................................... 193 Account Budgeting ............................................................................................................... 194 Adding/Editing Account Budgets ............................................................................. 195 Closing the General Ledger ................................................................................................. 196 Closing the General Ledger for a Month ................................................................. 196 Closing the General Ledger for a Year ................................................................... 197 Viewing Closed Journal Activity .............................................................................. 198 Modifying General Ledger Closing Dates ............................................................... 199 Reconciling Bank Accounts .................................................................................................. 199 Viewing the Check Register ................................................................................................. 200 8. Payroll ........................................................................................................................................ 201 Overview of Payroll .............................................................................................................. 201 Managing Deduction Codes ................................................................................................. 201 Adding/Editing Deduction Codes ............................................................................ 201 Managing State Unemployment Taxes ................................................................................ 202 Managing Employee Profiles ............................................................................................... 203 Adding/Editing Employee Profiles ........................................................................... 204 Printing Employee Profiles ...................................................................................... 207 Processing Payroll ............................................................................................................... 208 Adding Paychecks for Processing .......................................................................... 208 Editing Paychecks before Processing ..................................................................... 209 Printing/Posting Paychecks..................................................................................... 211 Voiding Payroll Checks ........................................................................................................ 211 Viewing Employee Payroll Activity ....................................................................................... 212 Viewing/Editing Payroll Activity ............................................................................... 212 9. Reports ...................................................................................................................................... 214 When to Run Reports ........................................................................................................... 214 Report Customization ........................................................................................................... 214 Emailing Reports .................................................................................................................. 214 Saved Reports...................................................................................................................... 215 1099/1096 Reports ............................................................................................................... 216 Generating 1099/1096 Reports ............................................................................... 216 1099 Miscellaneous Income Report ........................................................................ 218 1096 Annual Summary ............................................................................................ 218 Accounts Payable Reports ................................................................................................... 219 Generating Accounts Payable Reports ................................................................... 219 A/P Cash Requirements .......................................................................................... 220 A/P Unpaid Invoice Aging Summary ....................................................................... 220 Cash Disbursement Listing ..................................................................................... 220 Cash Disbursements Detail..................................................................................... 220 Recurring Payables Listing ..................................................................................... 220 Vendor Detail Report ............................................................................................... 220 Vendor Summary Report ........................................................................................ 221 Accounts Receivable Reports .............................................................................................. 221 Audit Trail / Transaction Log uploads/S4/ accounting-reference-guide.pdf