The Ledger is an optional feature meant to provide a traditional ledger view of Transactions which have been requested from the Financial Summary. While the Ledger does not connect to a bank account, and is not an accounting software, it allows Users to visualize money coming into and going out of the Trust and Operating accounts. Users can request and record Transactions for records in the Balance Summary, as well as request Transfers between accounts. Read this article on how to create Transactions.
This article will teach you how to navigate and use the Ledger in Litify Financials.
Navigating the Ledger
Navigate to the Ledger by clicking the ‘Ledger’ tab beside ‘Summary’ in the Financials component, scrolling down to it (if your components aren’t nested), or clicking the ‘Ledger’ tab in the Matter component if it’s in its own tab.
Click the down arrow beside ‘All Transactions’ to view the totals for the Operating and Trust accounts. Click Operating to view only the Transactions in the Operating account, or click Trust to view only the Transactions in the Trust account.
Click the left arrow to collapse the ‘Accounts’ panel and view your full Ledger Table. Click it again to reopen the ‘Accounts’ panel.
Viewing Ledger Items
Click the Transaction ID of any Transaction in the Ledger to view its details. A details panel will display the record fields filled when the Transaction was created.
Use the up and down arrows to navigate between Transactions in the Details panel. Click the X to exit the panel.
If several records have been grouped into one Transaction, only the parent Transaction will appear in the Ledger. To view the child transactions, click the Transaction ID > Click the ‘Items’ tab
Initiating Transfers from the Ledger
Transfers initiated from the Ledger are different from transfers initiated from the Financial Summary. Rather than being associated with a record, a transfer initiated from within the Ledger is associated with the Ledger object. As a result, there are fewer steps involved.
Initiate a transfer by clicking the checkbox beside a Transaction > Click ‘Request Transfer’ > Select the ‘To Account’ > Click ‘Request 1 Transfers’
Download as CSV
The Ledger can be downloaded as a CSV either in its entirety or individually by account.
To download all Transactions, click the Download Icon on the right
To download the Transactions for individual accounts as a CSV, click the Account Name > Click the Download Icon