Set your Working Days
Look at the calendar for the next financial year and calculate the number of working days per month, less public holidays. Here’s how to record these in LawMaster:
1. Go to Parameters > Resource > Maintain Budget Parameters (U_RD)
2. Enter the working days for each month (this total will be all days minus weekends and public holidays)
3. Check the Leave Flag to see any leave days that will be added back into the last accounting period
Maintain Resource Types
If your firm has different expectations for billable hours per day depending on a staff member’s role, you can set chargeable target units based on these different resource levels. Here’s how to set these units:
1. Go to Parameters > Resource
2. Create your different resource types, for example Senior Associate, Solicitor, Paralegal etc
3. Assign the relevant units in the Chargeable Units and Total Units columns to suit
Create New Charge-Rate Scales and Set Charge Rates
The new financial year is also an opportunity to create new scales so you can define different charge rates for your matters. Here’s how:
1. Go to Parameters > Set Parameters > Client and Matter > Entity/Matter Scale Types
2. Add a new scale by using the context menu
3. You can also disable any old scales that are no longer relevant to new matters in the next financial year
4. To assign charge rates within each scale, go to Parameters > Set Parameters > Client and Matter > Charge Rates. To assist with updating, Charge Rates can be exported to Excel, updated and re-imported to LawMaster.
Resource Charge Rates
Review Fee Earner default charge rates and make any adjustments to take effect from 30 June 2021. The current year rate will move to the ‘Old Charge Rate’ field.
Enter Budgets for 2021-2022
Set your Resource Budgets
To maintain your budgets for each resource for the next financial year, simply:
1. Go to Main Menu > Resource Management > Budgeting > Input Resource Budget
2. Select the appropriate resource, select ‘Next’ financial year in the top options and click ‘Global Values’. Please check all the entered details carefully before applying.
3. To review and print all resource budgets, go to Main Menu > Resource Management > Print Budget Summary
General Ledger Budgets
Review your expenses for the last financial year and calculate the income and expenses budgets for the new financial year.
Keep in mind that if you pay staff fortnightly, there may be some pay periods which are three pays, making the staff wages, tax and superannuation for these months one payroll higher.
Record the General Ledger budgets via General Ledgers > Budgets > General Ledger Budgets.
As a reminder, Income budgets are entered as a negative amount and Expense budgets are entered as a positive amount.
Need Assistance with Calculating Budgets?
Our Services team are experienced in the preparation of General Ledger Budgets and Resource Budgets and can assist you with calculating budgets and importing them into LawMaster. Please contact your Account Manager to talk about the service and how we can assist you in this area.
Practice EOFY roll
If you are unsure of the process for rolling the EOFY, we recommend running a test in your Training database before 30 June.
For guidance on the EOFY roll, read our Knowledge Base article.
If you need more information on any of the above, or assistance with any other aspect of preparing for July 1, we’re here to help.
We’ve extended our LawMaster Helpdesk hours for EOFY rollover assistance:
– To 8pm AEST on Wednesday 30 June 2021
– From 6am AEST on Thursday 1 July 2021