Prevail User Knowledge Base

E-Training*: Adding a Ledger Entry

Owned by Emily Doane
Last updated: Sept 07, 2023 by Kyle Higgins
2 min read

This How-to covers creating a new Ledger entry.

For an instructional video of this material, click the link below.

Video Link: Adding a Ledger Entry

Since you have invested countless hours and incurred various costs in a matter, you'll obviously want to track your time, costs, and/or fees on Prevail's Ledger tab. When used properly, this tab can help you generate several useful accounting reports – such as reports of outstanding monies due and invoices that you can print and send to clients.

Instructions

  1. Click ‘Add Cost’, ‘Add Fee’, or 'Add Time OR Click New> Ledger> Cost, Fee, or Time.

  2. Click the Category list and select a category for the new entry.

  3. Enter a description of the new entry in the Subject field.

  4. Click the Timekeeper drop-down list and select the appropriate party.

    1. If entering a cost, enter the amount of the cost in the Amount field

    2. If entering time, enter the number of hours in the Hour field.

      • If the ‘Calculate’ box is checked, the Amount will calculate automatically based on the timekeeper’s rate set in the employee settings.

      • If the ‘Calculate’ box is not checked, only the hours value will be stored and the amount will remain zero.

  5. Enter the billing date in the Billed On field

  6. Enter the invoice # in the Invoice # field.

  7. If you are entering a cost, enter the name of the party you paid in the ‘Pay to the Order of’ field by clicking on the paper clip icon to the right of the field to open a Contacts search window.

  8. Search for the party in the contacts, and double-click on the appropriate name in the result list to attach to the Ledger entry.

    1. If the party does not exist in your Contacts, click ‘New’ at the top of the Contacts search window to create a new contact entry.

  9. If you are entering a cost-

    1. Enter your firm’s check # used to pay the cost in the Check # field.

  10. Optional: Enter any notes into the Notes field at the bottom of the window.

  11. Click ‘Save’.

  12. When you receive payment against a particular Ledger entry in the future

    1. Double-click on the entry in the Ledger tab.

    2. Click in the "Reconciled On" checkbox, and enter the date you received payment, or click on the drop-down arrow to display a calendar from which you may choose the payment date.

Note: When you receive a payment, in addition to reconciling the original entry, you may choose to create a negative entry on the Ledger tab, in order to have an accurate balance due displayed at the bottom of the Ledger tab. To create a payment entry, follow steps 1-11 above, as appropriate, and simply make the Amount negative by typing a "-" sign in front of it.

Caution: The default view on the Ledger displays entries for all clients attached to the matter, if there are multiple. However, you may add a “Client” column to the grid (by clicking the ‘Options’ button at the top of the grid, and clicking Client. Then, you can filter the Client column to display entries for only specific clients attached to the matter.

Trust Ledger Tab

Staff Training #2

Video 29 - Intake/Update Questionnaires