The Ledger is an optional feature which allows you to record transactions based on records displayed on the balance summary. The Ledger component can be added to the Matter page layout for financial transparency at your fingertips. Control the Ledger from the 'Define Ledger' tab in Financial Summary Setup.
Should your Org choose not to use the ledger, be sure to remove it from the Matter page layout.
1. Enable Ledger
To enable the Ledger, navigate to 'Define Ledger' > Click the slider
A window will appear asking if you want to proceed > Click Enable
2. Select Ledger Object
The Ledger object is shown on the ledger table in the Financial Summary. We highly recommend using the new Transaction object, which was created especially for the Ledger. Some firms have existing, well-defined workflows and may want to use a custom object.
Select the Ledger object by clicking the picklist beneath 'Ledger Object' > Type “transaction” into the box > Click
Next select the Master Object Lookup Field. This enables your records to point to the Master Object and display on the Financial Summary.
Click the picklist beneath 'Master Object Lookup Field' > Click the field that looks up to the Master Object > Click Save.
Once the Master Object lookup has been defined, you'll need to select an Account Field from the picklist. This field denotes the relationship between the transaction and the related account, and defines where the transaction will be displayed properly on the Ledger.
Click the down arrow below 'Account Field' > Click Account.
You must also select a Summary Field, which is the currency field summarized in the Ledger. Click Amount.
If you're using the Transaction object, the 'Transaction Type' field is automatically assigned, and thus the field won't be clickable. If your Org is using a custom Ledger object, select Transaction Type. Note: you must have already defined Debit and Credit transactions in the picklist on the object.
3. Configure Ledger Table
Once a Ledger object has been selected, Admin can define which fields on the object will be visible on the Ledger using the Ledger Table builder. The fields will be shown to users when they record or request transactions using Litify Financials.
Three fields are required in the Ledger Table: Transaction ID, Amount, and Payor/Payee. These are the same fields defined in the Ledger Object Form. Additional fields can be added by clicking the plus icon + below 'Customize Columns' > Scroll through the list of possible fields > Click the desired field > Click Add.
Reorder columns by clicking and dragging them to your desired position. The order of the fields indicates the order of the columns you will see on the Ledger and the order of Request Transaction workflows.
Delete a column by clicking the (x) beside its name
Once you're satisfied with your columns, click Save. The Ledger Table can also be edited at any time from within Define Ledger.
4. (Optional) Group Transactions
Transactions with the same Payee and Account can be grouped together automatically. Transactions can be grouped or ungrouped during the creation process, but can't be separated afterward. If 'Group Transactions' is enabled, financial objects with the same payee/payor will be grouped together by default.
Enable 'Group Transactions by Default' by clicking the slider. This feature is only available if you're using the Transaction Object.