LEAP

LEAP 2x Review- New Bookkeeping Features

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LEAP have recently completely redesigned it’s program interface and are calling it LEAP 2x. There are no revolutionary new features- the focus of the redesign is mainly on user interface and navigation and while the new menu options take a bit of getting used too, the result is much more user friendly program and easier on the eye.

New Bookkeeping Features

Cost Recoveries– now a separate menu where you can create, view and search for cost recoveries within one place without having to open the matter

Disbursement Payment types– can now use BPAY as a Sub payment type of Electronic Payment within Settings

Pay to and Address Fields- these are now separate fields

Office Accounting and Bookkeeping

Credits Ledger– The Credits Ledger now has its own tab under Office Accounting and a new Apply All button allows you to allocate credit notes to multiple invoices in sequential order.

Invoicing- New Time, Fees or Cost Recoveries can now be created from directly within the invoice.

Not Billable Time- Not Billable time entries can now be included on an invoice as “Not Charged” items with no set amount

Edit Time & Fee Entries– Time and Fee entries can now be edited while you are working on the draft invoice without having to remove them and go back to the original entries.

Trust Accounting & Bookkeeping

Protected Trust Funds– Protected Trust funds can now be allocated to individual invoices. When applying trust funds to invoices via the Trust to Office Transfer function you can select either “All available” or “Protected only” trust funds to show as available to allocate against outstanding invoices.

Please call us if you would like to discuss the new bookkeeping features of LEAP 2x in more detail.

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Anticipated Payments in LEAP Legal Bookkeeping

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If we weren’t dealing with Legal Firms and more specifically Legal Trust Accounts there would be no need for “Anticipated Payments.” Legal Firms often receive money in advance into their General Trust Account which can be used for either direct payment of costs relating to the matter (eg.Barristers Fees) or for payment of the Legal Firms Invoices relating to that matter (providing they have a signed Cost Agreement in place and that they have given the client 7 days notice of their intention to withdraw fund from the clients trust account to pay their invoice ie. a Trust to Office Transfer).
The Regulations governing Legal Trust Accounts require that the Law Firm must have actually “Paid” any 3rd Party Disbursements before they are allowed to do a Trust to Office Transfer (TTOT). The reason for this is that some firms were writing cheques for the disbursements then putting them in a drawer for a couple of months but they were withdrawing the clients funds to pay their own invoice via a TTOT.
Therefore “Anticipated Payments” name for “Account Payable” that are specifically relating to Client Disbursements.
Accounting Treatment
Although LEAP Cloud allows you to monitor these accurately within the Matter in LEAP, the accrual does not flow through to wither Xero or MYOB with the Office Account Integration. Therefore if the Law Firm is reporting on an accrual or hybrid basis you would need to manually enter this adjustment at the end of the month to account for it in both your BAS and Management Accounts.

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LEAP Office V10 vs LEAP

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Leap Legal Bookkeeping- LEAP Office V10 vs LEAP

As LEAP Certified Consultants we support both LEAP V10 and LEAP Cloud. We provide a Fixed Fee Service to look after your Trust and Office Bookkeeping and also your Annual External Examination. Call us on 1300 226657 or click on the link below to request a Fixed Fee quote for our Bookkeeping Service.

If you are looking at upgrading from LEAP V10 to the Cloud, here’s a list of some of the main feature differences:

 LEAP 2003/ LEAP V10 LEAP Cloud
 Technical
 PortableNoYes
Hosted Data StorageNoYes
 Automatic BackupNoYes
Automatic Version UpdatesNoYes
Integrates with XeroNoYes
Named User LicensingNoYes
 Concurrent User LicensingYes No
Forms & Precedents
 Automatically Updated No Yes
 Ability to remove Container Yes No
 Outlook and Excel Precedents No Yes
Create your own Matter types Yes No
 Communication
 Faxing Yes No
 iPhone App No Yes
 Accounting
Reminder Letters Yes No
 Budgets Yes No
 Supplier Module Yes No
 Extensive Suite of Reports No Yes
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