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Typical Month TimeLine

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Karen Posted: Wed, Jun 13 2007 8:38 PM
Just wondering if anyone out there has a typical monthly timeline.  I am so confused with all the reports and all the differences from our old billing program that I really don't know where to start.  Is there anything out there that shows what you would do in a typical month from start to finish?  Starting with time/expense entries ending with reconciling month.  I wish there was a manual I could buy that would help with this.  PLEASE help!  Right now I am entering entries twice -- once in the old program and once in the new.  I am too afraid to let go of the old!  HELP!
Karen Ward Hall, Friedly & Ward Mountain Home, IDAHO TM7 BM+
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Posts 1,699
Not certain what you are looking for, but I suspect you would benefit from some training by a CIC.

You have posted your request in the Billing Matters Plus forum, but mention time/expense entries. Time/Expense entries are more a part of Billing Matters which focuses on the billing. Billing Matters plus is more the accounting side.

With those disclaimers, and ASSUMING your setup has been done correctly, the following might help.

As Required - Enter Bills received from Vendors. If bill is for a client expense, make sure to include the client name when you enter the bill.
As Required/Daily - Enter time
As Required (generally 2x per month) - Pay Bills/Write checks
As Required (generally weekly or more frequently) -
    - Enter payments received from clients to pay bills or as trust payments.
    - Before going to bank, create deposits to match what you are taking to the bank.
    - Run GL (AR) Transfer register and post when you create deposits. (Reports - Standard Reports - Transactions)
    - If there are items received for deposit that are not client related, create these as a separate deposit by using miscellaneous deposit.
As Required (generally monthly) - Generate bills for clients, review, post and mail/email.
Monthly - when receive bank statement - reconcile bank statement. Make any changes or adjustments. After reconciling - post AP register (Reports - Standard Reports - Transactions).
Monthly or as  required by accountant - enter adjusting journal entries.
NOTE: In order to run pdated financial statements and you MUST posted the AR and AP transfer registers through the date of the reports.

Hope this helps.


Caren Schwartz (Moderator/CIC)

35-45 Consulting

& Time & Cents Consultants, LLC

Southport, CT /


Software for Managing Time, Money & Information

Time Matters, Billing Matters, Billing Matters Plus, PC Law CIC


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