Creating a Configuration in Litify Financials Step One: Balance & Summary Builder

This is step one of three steps to creating a financial configuration. See step two: Mapping Financial Objects to the Ledger, and step three: Assigning Configurations to complete the process.

Create a Financial Configuration

An Org can have a single financial configuration or multiple configurations, depending on the setting chosen for the "Assign by Field" in Financial Summary Setup. Firms may want to use different configurations for different types of cases, for example Personal Injury and Disability cases. Create a new configuration by following the steps below:

  1. Click Create in the top right corner of the Financial Configurations.
    • Alternatively, you can click Create on the Financial Summary Setup page. Annotation_on_2021-03-29_at_19-35-18.png
  2. Set a name and click Create.
  3. Click the name of your new configuration to continue the configuration process.
    • You will see a page with the steps you need to complete, along with a progress bar.

You cannot activate a financial configuration until all setup steps have been completed.

Build Balance & Summary

  1. Click Build Balance & Summary to customize the items displayed in your balance table. Annotation_on_2021-03-29_at_19-34-56.png
  2. Next you will select the items you'd like to appear in your balance table.
  3. Choose single objects like Expenses, or create an item group. 
    • Item groups combine the balances of multiple financial objects into one item. For example, an item group titled 'Case Costs' might include the objects Expense, Lien, and Damage, all of which together make up the cost of a case.

Add an Item Group

  1. Click + Add and select Item Group
  2. Enter a group name under Item Group Name.
    • This will be how the tab name will be displayed in the balance table (ex. “Case Costs”).
  3. Select the transaction type, either Credit or Debit.
    • This signifies whether the records displayed are considered money coming into the Matter or out of the Matter. For example, Case Costs would be considered Debits. Screen_Shot_2021-03-29_at_7.38.34_PM.png
  4. Click Save.

Once the Item Group is created, you'll be able to customize the individual objects it contains. 

  1. Add an object by clicking + Add Item under Items. Annotation_on_2021-03-29_at_19-40-13.png
  2. Enter a name under Item Name.
  3. Use the box under Object to select the object the Item displays. 
  4. Select the object's Master Object Lookup Field
    • This communicates which record the financial record displays under so it can be displayed in the balance table; in this case, Matter.
  5. Choose the Summary Field (currency) you'd like displayed in the balance table.
    • The example below shows how you might create an Expenses item. Screen_Shot_2021-03-29_at_7.43.02_PM.png
  6. Click Save.
  7. Repeat for each object you wish to display in the Item Group. Screen_Shot_2021-03-29_at_7.45.06_PM.png

Add a Single Item

Some financial objects are better displayed on their own, for example, Resolutions. Adding a single item is a similar process to that of adding an item to an Item Group.

  1. Click + Add.
  2. Click Item.
  3. Name your item.
    • This is what will be displayed on the balance table.
  4. Select an object for your item.
  5. Assign the correct Master Object Lookup Field.
  6. Choose the Summary Field (in the case of Resolutions, it could be Settlement/Verdict Amount).
  7. Click the Transaction Type (Credit or Debit).

Screen_Shot_2021-03-29_at_7.46.51_PM.png

Rearrange Tabs

As you add tabs you may find that you wish to rearrange their order. Do this using the Modify Tab Order button next to Summary. unnamed__19_.png

After clicking the button, use the Up and Down arrows to adjust the order. Click Done to confirm the new tab order.

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Keep in mind that you can only modify the tab order while your configuration is inactive. This means that you can either make changes while setting it up, or you’ll have to manually deactivate it before making changes.

Hide Records From Calculations

Modify Summary items to only show certain results. This will allow you to refine tabs which in turn should help you better display specific data.

  1. For single items, select the item and then click the Edit button. 
    • For grouped items, select the group and then click the pencil icon next to the specific item. unnamed__22_.png
  2. Within the Edit screen scroll down to the Hide Records section. 
  3. Use the picklist to select which specific item you would like displayed. unnamed__21_.png 
  4. After making changes, click Save.

Customize the Item Table

Once Items have been added to the Balance and Summary builder, you can define which columns or fields appear in the balance table. The process is different for single items and item groups.

Customizing Columns for Single Items

  1. Define the columns in the item table by scrolling to the Table section of a selected item.
  2. Click the plus(+) icon under Customize Columns.
    • This will open the Customize Columns window. Annotation_on_2021-03-29_at_19-49-47.png
  3. From the Customize Columns window, scroll through the available fields OR use the search bar.
  4. Click the desired field.
  5. Click Add
  6. Due to space constraints on the Matter layout, we recommend adding no more than 8 fields for optimal visibility.
  7. Once fields are added they can be reordered by dragging and dropping them in the top bar. 
    • The order of the fields will be how the columns are displayed in the final balance table.

Customizing Columns for Item Groups

There are additional steps to the process of customizing the balance table for Item Groups due to multiple items sharing the same column structure.

  1. To customize the balance table for an Item Group, scroll to the Table section.
  2. Click the plus(+) icon under Customize Columns.
    • This will open a Customize Columns modal. 
  3. Next you'll need to name your column.
    • This is what will be displayed in the final balance table.
  4. Select the data format for the field from the picklist. 
    • Any field added to the group column must have the same data format.
  5. Select the field on each item you'd like displayed in the column. unnamed__24_.png
  6. Click Add.
  7. Fields can be reordered as well. Drag and drop them until you're satisfied with their order and click Save.

Renaming Columns

You can also rename existing columns after they’ve been created (including the Summarized Field column). To do this, click the caret (^) next to that column and click Edit. This will open the Edit Column window where you can adjust the column name. 

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Add a Result

This is an optional field. Your firm doesn't need to add a Result field unless you'd like one. The Summary will always display the summarized amount total, but the Result allows you to create a table for that total, if desired.

You'll also have the option to define a Result object. The Result is calculated by adding credits and subtracting debits. This allows your firm to visualize information like client payouts.

  1. Establish a result by clicking + Result.
  2. Name your result.
    • This is how it will be displayed in the balance table.
  3. Define which object you'd like to display for your result.
  4. Select the right Master Object Lookup Field (which points to your Master Object).
  5. Choose whether the Result is a Credit or Debit. Screen_Shot_2021-03-29_at_8.01.20_PM.png
  6. Click Save

Move on to Step Two

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