Feature Article: Update Statements

April 2017    Tags: ,

We recommend updating statements on a regular basis, but why is that? What does the Update Statements program actually do?

Why Statements Should Be Updated

When the Update Statements program is run, numerous files are updated in the software. Furthermore, some processes cannot take place until statements are updated.

The following is a list of what occurs when statements are updated:

  • Fee, cost, payment, and client funds transactions included on a final statement will be updated and archived.
  • Accounts receivable is updated.
  • Billed productivity figures are updated.
  • E-mail Statements can be sent via the E-mail Statements window.
  • Unallocated payments are allocated if billed amounts are due. If integrating with General Ledger Software (GLS), GLS journal entries are posted to reflect the new allocations.
  • Archived payment records are created for any Client Funds Payment to Firm transactions that do not have a Fund Application of WIP Payment.
  • Archived payment records are created for any Pending Auto Trust Payments that were included on the final statements.

Backing Up Before Updating Statements

Because Update Statements affects so many files, we highly recommend backing up your data files (File | Back Up Data Files) prior to updating statements. If the statement update process is interrupted (e.g., network drop, power loss, etc.), you must restore your data before continuing to work. This is because your data may be mismatched, meaning some files may have been updated for a client’s statement, but the interruption may have occurred before all files were updated. For more information on the effects of an Update Statements interruption, see Knowledge Base Article R10064, “Update Statements Program was Interrupted.”

Platinum Note: Platinum users have a huge benefit because backing up before updating statements is not necessary. This is because Platinum software provides Transaction Processing, which allows firms to automatically recover data in many potential data loss situations, including when Update Statements is interrupted. For more information on Platinum’s Transaction Processing feature, see Knowledge Base Article R11179, “Transaction Processing: Auto-Recovery of Interrupted Database Transactions.”

Updating Statements

To update a statement, you must first run a final statement, which is different than a draft statement (and is specified on the Options tab of the Generate Statements program). Once a final statement has been generated, complete the following steps to update the statement:

  1. From the Statements menu, select Update Statements.
  2. Click Yes to create a backup.
  3. Optionally select a Client ID and/or Timekeeper range.
  4. Click OK.

After Statements Have Been Updated

Need to get another copy of an older statement? You can always reprint updated statements using the Reprint Single Updated Statement program (Statements | Reprint Updated Statement | Reprint Single Updated Statement) or Reprint Multiple Updated Statements program (Statements | Reprint Updated Statement | Reprint Multiple Updated Statements).

Additionally, you may occasionally need to undo a statement that was updated in order to make changes. This can easily be accomplished via the Undo Single Updated Statement program (Statements | Undo Updated Statement | Undo Single Updated Statement) or Undo Multiple Updated Statements program (Statements | Undo Updated Statement | Undo Multiple Updated Statements).

Updating statements is an important part of the billing process in Tabs3. If you’re not already updating statements on a regular basis, take the time to review your current procedures and consider making a change.

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