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Wednesday Wisdom: Applying Ledger Adjustments – Credits and Discounts

Rocket Matter is the complete legal billing solution for your firm including accounting capabilities. Many times, we will receive calls about how to apply a discount or write-off a balance. Rocket Matter allows you to do this by making credit adjustments to the matter’s ledger.
Let’s take a look at applying a credit adjustment to a matter. It is important to NEVER add a credit adjustment for a payment. Always add a payment using the ‘add payment’ button.
As an example, let’s add a credit adjustment for a client we never received payment from, like Jake Nopays here:
Click “add an adjustment” to add the credit.
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Then, change the drop-down menu to “credit – adjustment”, and enter your date, amount and description for the entry. A credit adjustment will decrease the amount owed by the client. A debit adjustment will increase the amount owed by a client.Screen Shot 2014-02-11 at 3.07.08 PM
Using credit adjustments correctly will make sure that the accounting information for your matters is up-to-date and accurate. This will prevent discrepancies in your firm’s books and allow you more time to do what you do best: practicing law.
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