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It is strongly recommended that careful consideration is taken before adding in jurisdictions. If they are not going to align with the commonly accepted legal jurisdiction then the firm may encounter issues that on.
Time
In the time drop down the firm can nominate how many minutes per unit.
Firms have been known to use 1 minute units, 6 minute units, 10 minute units and 15 minute units. At Wise Owl Legal we strongly recommend using 6 minute units, unless there is a good reason to use otherwise. Whilst 6 minute units may seem confusing at first, once it is understood it is extremely practical.
Terminology
The terminology tab is where the firm can decide whether they wish to call:
- Outlays: outlays or disbursements; and
- Practice: practice or firm
If the firm chooses to change these terminologies they will apply Wise Owl wide.
Trust Accounting
In Trust Accounting there are a few of the error messages that can be customised to suit individual firms. They can be particularly polite or if the firm has problems with staff not listening then the message can be customised to this audience.
'Can Backdate Trust Receipts' is an important feature and should only be used during the set up of the firm. We strongly recommend that once the set up is complete that the settings are changed so that trust receipts cannot be backdated.
talk about ref numbers
The Bank Rec Nag Days is the reminder that appears to indicate a the firm hasn't done a bank reconciliation. It is recommended that this be set between 28 and 31 days. However, it is important to remember to always reconcile to the last day of the month, regardless of whether the bank account has been reconciled to the day before or not. Auditors can be very strict on this, so ensure all trust bank reconciliations are to the last day of the month.
It is strongly recommended that the Default Reversal Date, be set at current date. There is the occasional situation where the original transaction date may be a useful option; for example when entering opening balances. Ensure once all opening balances are entered, that the reversal date is changed back to current date.
General
Users And Access Rights
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