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Ametnes Legal ERP - Accounting#

Purpose#

This module offers a comprehensive suite of financial management tools designed to streamline and simplify the financial reporting process. With it, you can manage essential accounting reports and ensure accurate, timely financial insights:

  • Balance Sheet: Generate detailed balance sheets that provide a snapshot of your organization's financial position, displaying assets, liabilities, and equity.

  • Profit and Loss: Create profit and loss statements to track revenue and expenses, enabling you to assess profitability over specific periods and make data-driven decisions.

  • Partner Ledger: Maintain a ledger for each partner to monitor financial transactions, track credits, and manage outstanding balances with ease.

  • Aged Partner Balance: Review outstanding balances owed by partners across different aging periods to stay on top of receivables.

  • Aged Receivable: Assess overdue receivables, segmented by time periods, to gain insight into cash flow and prioritize collection efforts.

  • Aged Payable: Keep track of outstanding payables segmented by aging periods to manage cash flow and ensure timely payments.

  • General Ledger: Access a detailed record of all financial transactions for a clear view of all accounts, including assets, liabilities, equity, income, and expenses.

  • Trial Balance: Verify the accuracy of account balances by running trial balances to check that debits and credits are in balance.

  • Tax Reports: Generate detailed tax reports to meet regulatory requirements, ensuring compliance and simplifying tax filing.

  • Journals Audit Reports: Access audit-ready journal reports that provide a detailed view of all transactions, offering transparency and accountability in financial reporting.

Concepts#

Chart of Accounts

Company#

At the top of the Ametnes Legal ERP account setup is the company and every account is attached to a parent company.

Chart of Accounts#

An account in the Ametnes Legal ERP can be created and assigned to a company as part of the chart of accounts.

Bank Account#

A bank account in the Ametnes Legal ERP is created and associated with a journal. All monies are moved in and out of the bank account by sending and receiving from the bank's corresponding journal.

Journal#

A journal is used to track payments in and out of a specific account. For example a journal can be used to track payments to a partner or lawyer within the organisation.

Note

It is important to plan your account setup before you start using the system. It can be very challenging to re-organize charts of accounts when records have already been created.