Tabs3 Financials Overview: Trust Accounting, Accounts Payable, and General Ledger


♫ music playing ♫ Hello and welcome! My name is Elliott, and today we’re going to take a look at… why Tabs3 Financial Software is the best legal accounting solution for your firm. With easy-to-use Trust Accounting, Accounts Payable, and General Ledger features… Tabs3 Financials are sure to save you time while seamlessly integrating with Tabs3 Billing. Let’s get started by taking a look at Tabs3 Trust Accounting. With legal Trust Accounting, you’ll find it easy to keep your books up-to-date and accurate for all your trust accounts. Trust accounts are set up in the Trust Account Information file. You can add a new client into the system or select a client from the shared Tabs3 Billing client list. On the Balances tab, you can set up alerts that notify you when the trust balance drops below a specified minimum amount… as well as configure the system to request replenishment on the next statement. Best of all, payments from trust can be configured to automatically apply to due amounts when statements are finalized… and updated in Tabs3 Billing, so trust funds will be applied and included on your bills. Your billing statements can display detailed or summary information about Trust Account balances and activity… which helps your clients stay informed about how their money is being allocated. Let’s take a look at how trust activity is added. Various types of transactions can be entered for any client who is set up to use Trust. To add a deposit for a client, all you need to enter is the amount and a description. Tabs3 Trust Accounting also supports adding credit card deposits when configured. Reports such as the Client Trust Ledger, Voided Check List, and Three-Way Reconciliation… are just some of the ways that the software helps your firm to stay compliant with state trust requirements. An easy way to get an overview of the trust bank balances is to look at the Dashboard. From here, you can reconcile bank accounts, see the most recent trust activity… enter new deposits, checks, or EFT’s, and print checks, with a click of a button. Now let’s move over to Tabs3 Accounts Payable… where you can track all of your firm’s payables, including those incurred on behalf of your matters. From the Dashboard, it is easy to see the total amount of outstanding invoices… unposted checks and EFTs, and the amount paid this month. Detailed information for each pending invoice is shown in the list below allowing you to quickly select an invoice to pay. Stay on top of your cash flow by tracking Cash Requirements and Aged Unpaid invoices. One of Accounts Payables best features is the seamless integration with Tabs3 Billing and General Ledger. Let’s say you receive an invoice for a court filing fee that needs to be paid on behalf of a client. In just a couple of clicks, an invoice can be created for the amount the firm needs to pay… General Ledger will show journal entries for the posted transaction… and the cost can be added to Tabs3, ready to be included on their next statement. It’s that simple! Better yet, General Ledger includes an Advanced Client Cost report that can be used… to easily see what costs still need to be collected from your clients. In addition, Tabs3 General Ledger can create Balance Sheets, Income Statements… Trial Balance, and Journal Reports for you and your accountant. And since every firm is different, you can easily customize your Chart of Accounts. Accounts can be added and adjusted to match your firm’s structure. You even have the option to determine if and how account information is displayed on reports. Under Account Information, you can compare balances from year to year at a glance, set up monthly budgets… for your income and expense accounts, and look at a list of journal entries for any time period that apply to this account. The Dashboard makes it easy to Import Bank Transactions, start a Reconciliation… see the most recent bank activity, and allows you to add additional journal entries if needed. With Tabs3 Financials, you can easily manage trust accounts, get financial statements… write checks, reconcile bank statements, and print 1099’s in one seamlessly integrated program. Thanks for watching. See you next time! ♫ music playing ♫

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