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Prepare Your Financial Data for Migration

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Cleaning up your financial data in your current practice management system before you migrate helps ensure an error-free import into CosmoLex and avoids difficult post-migration rework.

Follow this process to prepare your financial data for migration:

Step 1

  • Void stale-dated, uncleared checks and deposits, if applicable.
  • Confirm you have entered all current transactions.
  • Create any entries necessary to correct errors.
  • Reconcile all credit card, operating, and trust bank accounts through the financial cut-off date. This is typically the last day of the month prior to your migration.

Step 2

  • Review the client trust ledger report to ensure all client trust balances are accurate as of the financial cut-off date.
  • Make the necessary entries to correct any errors you find.

Step 3

  • Apply any unapplied payments to client invoices with balances due, if appropriate.

If unapplied payments remain and there are no past due invoices on the client’s matter, CosmoLex will import the funds as operating retainers.

Step 4

  • Review Accounts Receivable (AR) for accuracy.
  • Identify and write-off past-due invoices you do not want to track in CosmoLex. Confirm the proper way to record the write-offs in your old system with your accountant.

Step 5

Review these for accuracy and update them as needed:

  • Profit & Loss (Income Statement)
  • Balance Sheet
  • Trial Balance
  • General Ledger
Updated on August 12, 2021

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