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Paying Advanced Client Costs from Operating Bank Accounts - Soluno

Paying Advanced Client Costs from Operating Bank Accounts - Soluno
Paying Advanced Client Costs from Operating Bank Accounts - Soluno
Written by
Paul W Carlson, CPA
Published on
Dec 13, 2023

Paul W. Carlson, CPA (00:00):

Hi, this is Paul Carlson, CPA with Law Firm Velocity. In this video, we are writing an advanced client cost check from an operating bank account.


So within Soluno, that the best practice is to post all of the checks that you need and then go run a large batch of all of your checks for the day later. So first thing we do is we're going to change the setting to say we want to print later as a batch. We have another video in our course that shows how to run that batch of checks. So we're going to run, check is going to be from the operating account for today's date. We need to pay the vendor $25. It's a check. The check number will be assigned at printing. Contact is Trinity Health. So we can do predictive type, type in a couple of characters and hit tab.


If the vendor does not populate, but you know there's a contact within Soluno, go edit the contact and mark it as a vendor. Look at our contact video for details on that.


Within Soluno, contacts are initially entered basically as a client, and they can't be used as a vendor until you go in and mark them as a vendor within our settings. Address will populate if you have an address on the contact. I'm using sample data, so there's no addresses. We want to select the file the cost is for. We're going to do for file 1007, and we use medical. We use activity codes for as much as we can. So we're buying a medical records, we type MR and hit tab, and the system assigns the explanation of medical record and it also assigns the charge to our hard cost account.


If you're familiar with accounting for contingency based firms, that advanced client cost must be coded to a balance sheet account, and that's what we see here. If you have any questions on that coding, please talk to us because that is critical that that is done correctly.


At this point we could hit save and we have posted our advanced client cost check. If you are entering historic transactions, so checks that have already been printed manually, then you would just change this setting to release, never print. Then this field would change and you could actually type in the check number that the cost was paid on.


Then nice thing is if we need to send a check to this provider for multiple files, so probably the best example of this is some firms will use a medical record pulling agency. So they will get a bill for records that were pulled against 100 different matters on one bill. So this bill will be $1,000 and we have to enter the lines for every file that the record was pulled against. So there you just go ahead and select the next file. Same MR. Same description and we could make this $5 for this record, and $20 for this record and get rid of this extra line. With this, we make a single check... Sorry. With this we can make a single check to one vendor, but assign the payment to multiple files.


With that, that's a quick overview of how to enter advanced client cost checks. Thanks.