Issue 2/2006

13 February 2006

A Newsletter from LegalSuite Software

It’s that time of the year again and no matter what you do, or plan to do, every Financial Year End seems to be the same stressful rush. In the article below we give a couple of helpful tips that will assist you with this task.

In this issue:
Know your program - Financial year end helpful tips
Tip of the Day - Matter Message field
Important notice - ABSALINK/RegiBond update
Thought for the day
Bits & Pieces
Humour Dept
Employee Profile - LegalSuite support team

Know your program

Financial Year End helpful tips

The financial Year End is normally a busy time for accountants as they need to make sure all the year's transactions have been posted. This can be a stressful time, but we hope these tips will help you to have perform a faultless Year End procedure.

Financial Year End tips:

You need to run your Period End as normal - the Financial Year End will be run automatically when you run your 12th period end.

As with all period ends you need to print out the following as they can't be reprinted at a later date:

*

 The Age Analysis. It cannot be re-printed for this period again - A report showing the matter balances for this period can be created later but it will not include the ageing.

*

 The Payment VAT Report (if you are on the payment basis)

Unlike many other systems LegalSuite keeps all historical transactions which means that we can create reports for any year and any period.

Data Integrity checks:

It is recommended that you run a Verify Data procedure before doing the Year End. This will allow you to confirm that your data contains no errors and avert any major data-related errors.To do this:
 
* Go to File
* Select Maintenance
* Select Verify Data
* Click on Ok
* Once the Verify has finished running, close the screen and continue with the Backup

Backup:

Before you start the Year End procedure a separate backup (clearly marked 'Pre-Year End 2006') must be made. This is separate from your daily backups.

To prevent loss of data due to fire, flood or theft backups should be removed from the premises to ensure no damage to the backup.

If you do not have a backup plan in place you can contact our offices on 0861 711150 and speak to one of our technical support consultants and we will gladly assist you.

Once the backup has been run successfully you need to copy the backup file to a removable device such as:
 
* CD - Fast and reliable. Requires a CD writer.
* Optical drive - Fast and reliable. Ideal for larger, long-term backups.
* Zip drive - Fast and reliable. Ideal for larger, daily backups.

What the Year End Procedure does:

Once you have completed your Year End, you will see the following results:
 
* For Income and Expense accounts, the current year balance moves to last year
* For Balance Sheet accounts, last year balances are kept as one total amount and the current balance moves to last year
* Current year balances are set to zero, except your opening balances for balance sheet accounts
* The income and expense accounts are cleared to Distributable Reserves
* This year’s transactions become last year’s transactions

If you need to run your Year End but you are not in period 12, please contact our support call centre on 0861 711150 and speak to Cindy or Lisa.

To view the LegalSuite Year End guide, click here.

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Tip of the Day
•

Matter Message field

Taking on a Matter correctly is very important in LegalSuite. If a Matter is assigned to the wrong Cost Centre or Group, for example, the Income Accounts and Management Reports can be adversely affected. As the saying goes, "Garbage In Garbage Out".

Although users can setup defaults (by making a "snapshot" of a Matter take-on screen), a number of clients have requested that we add a facility to remind the user to perform certain tasks whenever they take on a Matter for a particular Client.

To accomplish this we have added a Matter Message field under the Miscellaneous tab in the Address book. 

Whatever you type in here, will pop up to remind the user when they insert a new Matter for that client.

We hope you find this new feature useful.

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Important Notice

ABSALINK/RegiBond Electronic Interface - Update

ABSA have requested that we make changes to the ABSA RegiBOND interface. The only change is to the processing of Standard Condition 364, Property Description, which describes the various certificates that must be obtained by the Borrower and furnished to the Bank. There has also been some changes to the ABSA Logo and Directors.

Please note that this change will be rolled out with a "big bang", i.e with effect from 12 February 2006 ALL instructions containing this Standard Condition will have the new format.  It is therefore essential that you update your LegalSuite program on Monday, 13 February 2006 BEFORE you download any instructions from RegiBOND.

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Thought for the day

Before you judge someone, you should walk a mile in their shoes. That way, when you judge them, you're a mile away and you have their shoes.

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Bits & Pieces
ATTORNEY CIRCULAR No3/2006 - FNB HOMELOANS BOND DOCUMENTATION UPDATE 13 FEBRUARY 2006.

We have received notification from FirstRand Bank that they have issued Attorney Circular No. 3/2006 (FNB HOMELOANS BOND DOCUMENTATION UPDATE - 13 FEBRUARY 2006), which states that “Effective 13 February 2006 all instructions from FNB HomeLoans will contain an additional mandatory condition in that an “Addendum” will be required to be signed and completed by the Customer(s) in conjunction with the remaining bond documentation.  The implementation and live date is 13 February 2006 and all Firms are required to download the addendum on such date from their respective Vendor Packages.  All Firms must ensure that signature of such Addendum is attended to by the Customer(s) as at the “Live” date in respect of all new instructions received on or after the “Live” date.  “Old” bond documentation excluding the Addendum prepared in respect of new instructions post the “Live” date will not be processed by FNB HomeLoans Compliance Processing”.  The implication of this change is that all bond docs SIGNED on or after the 13th Feb 2006 need to have the addendum signed and attached.

 To ensure that you are using the correct documents, please run the LegalSuite Live Update on Monday, 13th February 2006.  Please note that the Bank has stated that it is imperative that you do this update and start using this document with effect from 13th February 2006.

*For security reasons this attachment has been removed*.

 
ATTORNEY CIRCULAR No2/2006 - REGISTRATION ADVICES FAX LINES - 01/02/2006

FNB identified the need to reinstate their fax lines for registration notifications. Kindly ensure that the following is implemented in your offices with immediate  effect.

GAUTENG REGION - REGISTRATION ADVICES TO BE FAXED TO: 0861 334 468

CAPE TOWN REGION - REGISTRATION ADVICES TO BE FAXED TO: 0861 334 495

KZN REGION - REGISTRATION ADVICES TO BE FAXED TO: 0861 334 496 

We further advise that no other  advices , ie. lodgments , prep notifications and amended ATPS  are to be faxed to the above numbers.

*For security this attachment has been removed*

Interest rates : Homeowners beginning to hedge their bets

Consumers will be excused for not being able to keep up with the direction in which interest rates are next expected to move. Now most economists are expecting rates to either stay put or drop in 2006.

To view the complete story on News 24, click here.

Affordability seen as the main property driver for 2006

 More than any other single component, affordability is seen as the main driver for the South African residential property market this year.

 To view the complete story on News 24, click here.
Cape Town's Parade to be revitalised

The City of Cape Town has initiated a three-year project to revitalise the Grand Parade and has made a commitment to funding improvements over the next two financial years.

 To view the complete story on News 24, click here.
 
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Humour Department

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Employee Profile

LegalSuite Support Team

Our team of support personnel are always available to assist you telephonically or via modem. Please give us a call should you have any questions or require assistance.

Jenny Oliver Conveyancing
Susan Brown Conveyancing
Jennifer Daly Collections/Litigation
Cher O’ Leary Collections/Litigation
Cindy Kruger Accounting
Lisa Beswetherick Accounting
Richard Jacobs Technical
Patrick Hancock Technical
Deanne Scott Admin/ Financial
Bev Scott Licensing
Nick Orpen Programming/Management
Eugene Requilet Management/Programming
Rick Jordan Programming/Management

L to R: Nick, Eugene, Cindy, Deanne, Richard, Lisa, Cher, Jennifer, Jenny, Bev, Susan, Rick

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We are constantly updating our website with the latest news in the Legal industry so please visit it from time to time. You can also view back issues of our Newsletter and the Attorney circulars from the financial institutions on the website at www.legalsuite.co.za. 

If you have any questions, queries or comments about this newsletter, please contact Susan Brown: susan@legalsuite.co.za

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