MIRC for Transactions

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This MIRC (Management Information Report Control) lets you create reports that detail individual financial transactions.

Legalmaster stores eight types of financial transactions.

fees - your professional services
direct costs - advances that you make on behalf of your clients. Some people call these hard costs.
indirect costs - out-of-pocket reimbursable expenses, such as photocopying and telephone charges, sometimes called soft costs.
billings - amounts you actually billed your clients. These may be further categorized into fees, costs, finance charges, sales taxes and retainers.
payments - receipts from your clients. See the second example below.
adjustments - non-cash debits or credits to accounts receivable. See the third example below.
retainer transfers - debits and credits to your retainer accounts. These may, if you wish, be applied to pay for your fee and cost receivables.
trust activity - debits and credits to your trust accounts

MIRC is so flexible that it is difficult to show you a few reports that demonstrate all of its capabilities. Nevertheless, that doesn't prevent us from trying.

If you have entered 1000 payment entries into Legalmaster, for example, you may produce a report that shows all 1000 payments.

You may ask for subtotals to print along with the detail, or you may want to see just the subtotals. It is this latter option that gives MIRC its greatest power. There are over 100 subtotaling options.

Our first example below analyses the time worked by each of your timekeepers. Actual hours and dollars refer to the time (and its value) truly spent by a timekeeper, while billable values reflect what the firm was able to bill; write-ups and write-downs are the differences between actual and billable and provide you with a measure of productivity.

Employee time LEGALMASTER MIRC For Transactions 12/03/96 Page 1 -Fees-
Sort Fields: Actual Employee Name (Subtotals Only)
Range Fields: Transaction Date I 01/01/96 - 12/31/96

Actual Billable Non-Billable Actual Write Up Write Down Non-Billable Billable Actual Employee Name Hours Hours Hours Dollars Dollars Dollars Dollars Dollars
Unallocated 0.00 2.00 0.00 0.00 0.00 805.00 0.00 805.00- Legal Assistant 0.50 0.50 0.00 37.50 0.00 0.00 0.00 37.50 Jeffrey Baker 5.25 5.25 0.00 1,312.50 0.00 0.00 0.00 1,312.50 Samuel Israel 0.50 0.50 0.00 137.50 0.00 0.00 0.00 137.50 Carol J. Ojeda-Caploe 2.80 2.80 0.00 462.00 107.67 0.00 0.00 569.67
Jacob S. L. Rubin 28.90 30.30 0.00 4,729.90 653.91 35.00 0.00 5,348.81 Phillip H. Rubin 34.75 33.75 0.00 5,332.25 479.59 0.00 0.00 5,274.08 ------------- ------------- ------------- --------------- --------------- --------------- --------------- --------------- 72.70 75.10 0.00 12,011.65 1,183.00 1,319.59 0.00 11,875.06 ============= ============= ============= =============== =============== =============== =============== =============== 7 records printed.

This next simple example summarizes receipts by day. We selected to limit ourselves to one month. The daily subtotals may be balanced to your deposits, while the grand total may be used to reconcile your general ledger.

Receipts x day                      LEGALMASTER MIRC For Transactions              08/06/99  Page 1
September, 1998                                -Payments-

           Sort Fields:
             Transaction Date                 (Subtotals Only)

           Range Fields:
             Transaction Date                 I 09/01/98 - 09/30/98


Trans               Fee      Total Cost  Finance Charge       Sales Tax           Total
Date           Payments        Payments        Payments        Payments        Payments       Unapplied

09/01/98       2,319.00          350.00            0.00          154.70        2,823.70            0.00
09/02/98       5,129.33          225.00            0.00          308.14        5,662.47            0.00
09/03/98         890.00            0.00            0.00           57.34          947.34            0.00
09/04/98       4,968.70        1,395.00            0.00          139.32        6,503.02            0.00
09/08/98       7,948.26        2,368.30            0.00          371.34       10,687.90            0.00

09/09/98         262.00            0.00            0.00            0.00          262.00            0.00
09/10/98       3,192.20            0.00          178.60          224.17        3,594.97            0.00
09/11/98       1,550.00          650.00            0.00           24.75        2,224.75            0.00
09/14/98       6,970.62        1,720.00            0.00          294.03        8,984.65            0.00
09/15/98         185.00          225.00            0.00            0.00          410.00            0.00

09/16/98         827.00        1,365.00            0.00           18.57        2,210.57            0.00
09/17/98       2,973.44        1,200.00            0.00          240.48        4,413.92            0.00
09/18/98       5,548.11          831.70            0.00          247.93        6,627.74            0.00
09/21/98      19,220.39        4,407.50            4.56          998.96       24,631.41            0.00
09/22/98       1,290.20          350.00            0.00            0.00        1,640.20            0.00

09/23/98       4,595.48            0.00            0.00          198.33        4,793.81            0.00
09/24/98       2,565.00          200.00            0.00           58.99        2,823.99            0.00
09/25/98       4,258.80          800.00           46.92          103.87        5,209.59            0.00
09/28/98      10,298.96          465.00            9.13          465.40       11,238.49            0.00
09/29/98         230.00        1,075.00            0.00            0.00        1,305.00            0.00

09/30/98         688.12        1,620.00            0.00           61.88        2,370.00            0.00
        --------------- --------------- --------------- --------------- --------------- ---------------
              85,910.61       19,247.50          239.21        3,968.20      109,365.52            0.00
        =============== =============== =============== =============== =============== ===============
21 records printed.

This example was submitted by one of our law firm users. They have a convention in their office that every time that an operator adjusts one of their client's receivables, he or she must supply a reason. They use Legalmaster grouping code feature to do this. They created a list of reasons as adjustment groups and, in the Table of System Options, indicated that a grouping code is required for every adjustment transaction.

Adjustments LEGALMASTER MIRC For Transactions 08/06/99 Page 1 Adjustments - fiscal year -Adjustments-

Sort Fields: Total Adjustments Grouping Code (Subtotals Only)

Range Fields: Transaction Date I 07/01/98 - 06/30/99

Grp Fee Total Cost Finance Charge Sales Tax Total Cd Grouping Code Description Adjustments Adjustments Adjustments Adjustments Adjustments

rf Refunds 227.62 0.00 0.00 0.00 227.62

tr Transfer to another case 230.00 230.00- 0.00 0.00 0.00

fc Didn't pay finance charges 31.76- 0.00 25.89- 0.00 57.65-

wc Billed wrong client 311.00- 0.00 0.00 0.00 311.00-

rp Client refused to pay 521.00- 0.00 2.61- 17.33- 540.94-

bk Client went bankrupt 590.00- 0.00 17.55- 0.00 607.55-

sa Sales agent's commission 785.64- 0.00 0.80- 82.67- 869.11-

pl They paid paralegal instead 905.31- 0.00 0.00 0.00 905.31-

cc Changed contract length 1,175.00- 0.00 0.00 0.00 1,175.00-

oc Client was charged too much 1,344.49- 25.00- 0.00 0.00 1,369.49-

cm Adjustment to maintenance fee 1,687.00- 0.00 0.00 0.00 1,687.00-

bc Billing disputed 1,762.00- 0.00 2.56- 0.00 1,764.56-

po Paid a portion of the bill 1,642.50- 0.00 167.76- 30.94- 1,841.20-

gw Good will adjustment 1,922.46- 25.00- 0.98- 0.00 1,948.44-

od Old debt, we gave up 2,222.00- 0.00 125.61- 0.00 2,347.61-

re Client returned product 3,077.00- 0.00 18.50- 208.49- 3,303.99-

bd Bad debt 5,303.32- 0.00 840.61- 395.59- 6,539.52-

sm Switched maintenance to contract 21,287.00- 0.00 41.02- 0.00 21,328.02-

tl Cancel subscription 37,654.68- 0.00 117.73- 3,090.14- 40,862.55-

--------------- --------------- --------------- --------------- --------------- 81,764.54- 280.00- 1,361.62- 3,825.16- 87,231.32- =============== =============== =============== =============== =============== 19 records printed.

Other pages on our web site use MIRC for Transactions to exemplify how Legalmaster meets specific needs that you may have. You may be interested in looking at a couple of reports created by a bankruptcy firm to be used to satisfy the court's fee applications demands.