“Soluno is the time, billing, and accounting solution made for law firms of all sizes.”
I could not agree more with this introduction from www.soluno.legal – they are a cloud-based software that our firm has been able to build a strong relationship with.
The most impressive story we had with Soluno was when we reconstructed the entire trust account for one of our client’s law firms. When they came to us for help, their trust account had reconciliation errors beyond repair – we had to go back to 2018, the beginning of their practice, and start working from there.
After comparing trust ledger printouts with actual trust bank statements, we realized we might be able to match 70% of the data. However, the remaining 30% posed a problem, as they were transfers between the trust and general accounts with no proper records.
Our team at Jiong Gao Professional Corporation made a roadmap:
- Download all of their online banking data to Quickbooks Desktop
- Complete the 70% of trust allocations that we had the information for (this entire process took around 3 months, as we had to dig through each client’s file and individually match transfer transactions)
Our next step was get a proper report for the Law Society of Ontario, as our client’s LSO audit was quickly approaching. However, reports from Quickbooks desktop couldn’t provide the three-way trust reconciliation we required. We either had to enter all the data manually, a process which could take months, or we could export our trust data to a trust management program – namely, Soluno.
Alan, Doug, Dean, and Lawrence from Soluno provided incredible support in this regard. They extracted all the necessary data from our Quickbooks export file and imported them into Soluno. There, we were able to put of focus into finishing reconciliation by adding missing elements for trust transactions.
Finally, with the help of the amazing team at Soluno, we were able obtain the following basic proper monthly reports with other financial reports for our client.
- Trust Bank Reconciliation, Trust Journal, Trust listing, Trust Ledger
- General Bank Reconciliation, General Journal
Soluno’s customized touch has helped us help our clients, and we could not be more grateful to work with these incredible people.
Any questions about how your firm can benefit from comprehensive, detailed bookkeeping work? Get in touch with me anytime to see how we can help you.
