How do I set up Opening Balances in CARET Legal?

  • Updated
CARET Legal has a built in Accounting module to track all your Accounts and provide Reports.
Before you begin recording transactions in CARET Legal, you will want to bring over your books by recording opening balances.
Before you begin, ensure that your Chart of Accounts is set.                                    
To record your opening balance:
  1. Create a Journal Entry by navigating to the Accounting section, then select the Bank & Registers tab and click + on the green action bar.


  2. Select New Journal Entry from the menu to display the New Journal Entry modal.


  3. Select the Accounts you are migrating over from the drop-down lists and enter the associated Debit or Credit amount.

  4. Counter all the amounts with the Opening Balance Equity Account and enter the balance amount as a Credit.

  5. Click Save & Close to save, Save & New to continue to create new journal entries, or Save & Print to print out your journal entry.
Trust and Accrual related Accounts need to be entered into the default modules by Matter.            
Enter Trust deposits using the Retainer module. Enter Accounts Receivables with Invoices. Enter Accounts Payables with Vendor Bills.

Once all of these have been entered into their Matter(s), the overall account balances will match the total amounts needed to migrate over.

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