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| '''Ledger''' is the term used in [[ContactsLaw]] to denote the subdivision of an [[account]] by [[matter]], [[contact]] or [[member]]. | | '''Ledger''' is the term used in [[ContactsLaw]] to denote the subdivision of an [[account]] by [[matter]], [[contact]] or [[member]]. |
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| For example, Accounts Receivable is divided into matters to allow the display of individual debtor ledgers, while Accounts Payable is divided into creditor contacts to allow the display of individual creditor ledgers. | | For example, ''Accounts Receivable'' is divided into matters to allow the display of individual debtor ledgers, while ''Accounts Payable'' is divided into creditor contacts to allow the display of individual creditor ledgers. |
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| Some types of accounts, such as Monies Held on Trust, require all transaction line items to debit/credit a particular ledger. This ensures that the sum of all ledger balances always equals the balance on the account. Other types of accounts may permit debits/credits which are not in respect of any particular ledger. | | Some types of accounts, such as ''Monies Held on Trust'', require all transaction line items to debit/credit a particular ledger. This ensures that the sum of all ledger balances always equals the balance on the account. Other types of accounts may permit debits/credits which are not in respect of any particular ledger. |
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| == '''Contact Ledger''' ==
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| At the contact level, ContactsLaw displays financial transactions on the '''ledgers tab'''. These make it possible to view both financial activity relating directly to the contact, but also transactions on all files for which the contact is a client.
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| Depending on the type of contact, a subset of the following views will be displayed on the ledgers tab:
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| * '''Trust''' - Shows trust activity occuring on any of the contact's files within a particular period.
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| * '''Debtors''' - Shows debtor activity occurring on any of the contact's files within a particular period. A debtor statement can be printed from this view.
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| * '''Creditors''' - Shows creditor activity for the contact, including the current creditor balance. Additional detail pertaining to invoices and payments is shown here, as well as the date of the most recent unpaid invoice or statement.
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| * '''Creditor reconciliations''' - Lists all creditor reconciliations for the contact, with the ability to post a new reconciliation and edit or re-draft an existing reconciliation.
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| * '''Miscellaneous transactions''' - Lists trust/general transactions for which the contact is a payee, or from whom funds were received, in cases where the contact is ''not'' the client on the file in question.
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| == '''Matter Ledger''' ==
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| At the file level, ContactsLaw reports financial transactions and billing/trust data on the '''ledgers tab'''. The following views are available:
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| * '''Products''' - Displays the products which have been quoted, billed or had time/charges assigned to them. The amounts quoted/estimated, recorded, billed, written up/down and unbilled are shown beside each product.
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| * '''Trust''' - Shows trust activity on the file within a particular period, including the current trust balance. Also provides access to transactions and balances on investment accounts.
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| * '''Disbursements''' - Shows activity on the ''Disbursements'' controlled account for the file, within a particular period and with the ability to filter based on whether disbursements are billed, unbilled or written off. It is also a platform for managing disbursements on the file.
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| * '''Debtors''' - Shows debtor activity on the file within a particular period, including the current debtor balance, and details about discount reversals and upfront billing. This is the entry point for billing.
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| * '''Anticipated disbursements''' - Lists all anticipated disbursements on bills for the file.
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| * '''Bad debts''' - Shows all activity on the ''Bad debts'' controlled account for the file, including write-offs and recoveries.
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| * '''Transit cheques''' - Lists transit cheques held by the practice for the file, with the ability to manage and release them.
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| [[Category:Accounting]] | | [[Category:Accounting]] |
Ledger is the term used in ContactsLaw to denote the subdivision of an account by matter, contact or member.
For example, Accounts Receivable is divided into matters to allow the display of individual debtor ledgers, while Accounts Payable is divided into creditor contacts to allow the display of individual creditor ledgers.
Some types of accounts, such as Monies Held on Trust, require all transaction line items to debit/credit a particular ledger. This ensures that the sum of all ledger balances always equals the balance on the account. Other types of accounts may permit debits/credits which are not in respect of any particular ledger.
