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Tech Tip #18: Don’t Lose Sight of Uncleared Funds

For most businesses, having uncleared funds isn’t an issue, but law firms are required to make an effort to find out why those funds are still uncleared. For example, if a check has been written but hasn’t been deposited yet a law firm must follow up to determine the reason why and correct it as needed. That could mean finding a new address for the individual or company or reissuing a lost check. The simplest way to find out what is still open is to review monthly reconciliations. Learn more about legal accounting compliance

CosmoLex Team

CosmoLex is a leading legal practice management solution that is trusted by thousands of law firms across North America. CosmoLex is a single solution that lets solo legal professionals & small law firms manage their practice, billing, AND accounting all in one login, on any device, at any time. CosmoLex users can eliminate the need to maintain multiple programs because CosmoLex does it all -- including time & expense tracking, billing, business accounting, trust (IOLTA) accounting, calendaring, task, email & document management, even secure client communications -- in one web-based application.