Account

An account in ContactsLaw is similar to its counterpart in double-entry accounting, where transactions are posted to accounts to impact their balances. Each transaction line item debits one account and credits another for the same amount, ensuring that the sum of all account balances remains zero.

General accounting in ContactsLaw involves the processes of recording, analysing, and summarising the financial transactions of the company. This includes tracking earnings and expenses, preparing financial statements, and adhering to accounting rules and regulations.

The General Accounting feature in ContactsLaw consists of eight sections that address both subscription and business needs:

1. Chart of Accounts: Organises the various accounts used in financial reporting
2. Aged Debtors: Displays outstanding amounts owed by debtors and their aging status.
3. Balance Sheet: Summarises the company’s financial position, detailing assets, liabilities, and equity.
4. Bank: Manages bank account transactions and reconciliations.
5. GST: Tracks Goods and Services Tax reporting for compliance.
6. Profit & Loss: Summarises income and expenses over a specific period.
7. Reconciliations: Verifies that recorded transactions match bank statements.
8. Trial Balance: Provides a summary of all accounts and their balances, ensuring that debits equal credits.

Together, these sections provide a comprehensive framework for managing financial records and maintaining accurate accounting practices within ContactsLaw.