Creating Transactions in Litify Financials

If your Org has the Ledger enabled, Users can record or request Transactions using the Records in the Financial Summary. The Ledger allows Users to record money coming into or going out of the Trust and Operating accounts on a Matter.

Litify Financials is not an accounting software, rather the Ledger is a representation of a Matter’s finances. While Transactions can be used to power an integration, that is custom work done by your org’s Professional Services team.

Requesting/Recording a Transaction

Transactions can have a type value of either debit or credit, according to the Transaction Type value assigned to the tab where the record appears (Requested or Recorded).

Once a Transaction has been created, only the Check Info, Date Paid, Description, Requested Date, and Status fields can be edited. If another field needs to be edited, delete the Transaction and start over.

  1. To create a Transaction, select the starting record from the Balance Summary.
  2. Click New Transaction.
  3. Click Request Transaction. Screen_Shot_2021-04-01_at_9.56.22_AM.png
  4. Fill in the required information based on the settings chosen for the Ledger Table during configuration.
  5. Adjust the amount, if needed to record a partial payment.
  6. Click Request 1 Transaction. The new Transaction will then appear in the Ledger. 

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Users can also select multiple records to create new Transactions. 

  1. Click the checkboxes beside each record. 
  2. Click New Transaction.
  3. Click Request Transaction.
  4. Fill out the required fields.
  5. Click Request [x] Transactions.
  6. To remove a record from the form, click the caret (^) to the right of the record and then click Remove.

Transaction Grouping

If the selected records have the same Payor/Payee, and your org has Group Transactions enabled in the Ledger settings, they will be grouped automatically. A grouped Transaction takes multiple records and creates one parent Transaction, where the amounts for each record are added to the parent.

Transaction Grouping is only relevant for the packaged Transaction object. If you’re using a custom object, you will not have access to this feature.

  1. To ungroup the records, click the caret (^) on the right.
  2. Click Separate All. unnamed__59_.png
  3. To separate a single record, click the checkbox beside it.
  4. Click the caret (^) on the right.
  5. Click Separate From Group.

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Initiating Transfers

Transactions can also be used to request transfers between the Trust and Operating accounts. This is helpful for internal expenses, such as making payments out of Operating prior to having money in the Trust. Transfers are different from regular Transactions. If they occur in the Financial Summary, they are recorded in the Ledger as a normal Transaction. If a transfer occurs from within the Ledger, you’re creating two transactions and moving money from one account to the other. See this article for how to request a transfer from the Ledger.

  1. Select a record.
  2. Click New Transaction.
  3. Click Request Transfer. unnamed__61_.png
  4. Select the From Account (where the funds are coming from) and the To Account (where the funds are going).
  5. Click Request 1 Transactions. unnamed__62_.png

Both the Transaction and Transfer window both include the Select All and Copy Down buttons near the top of the window. These are especially helpful when manipulating several records at once. 

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