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General Ledger
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Central to the legal accounting system is the general ledger. The Chart of Accounts is easily established and maintained. Managers can determine if an account may be accessed via disbursement entry, cash receipts, General Ledger Journal entries, or via any combination of such entries. This feature greatly reduces the chance of accounts being posted in the wrong routines.
Standard with the application are Balance Sheet, Income Statement, Operating Statements, and Trial Balances. User setup is not required.
When postings are made to the General Ledger, detailed audit trails provide accurate information based on the source of the entries. All transactions in the system are given a unique identifier, allowing users to track down each and every entry, quickly and easily.
General Ledger Detailed Schedules may be printed identifying all transactions to a particular account in detail. They provide an easy method of reconciling and controlling Expense Accounts, Lawyers Promotion Accounts, and Drawings Accounts.
Lighthouse addresses the need for uncomplicated budget entry. Budget amounts can be straight-lined over the fiscal period with simply the click of a mouse, or they may be distributed as dollar figures or percentage amounts.
Lighthouse allows the user to perform manual journal entries for transactions that occur outside of normal processing. General Ledger Journal Entries can be backdated, therefore allowing month end adjustment entries to be made after month end Processing. Frequently posted Repetitive Entries may be defined once, reducing the effort to make standard entries on a regular basis. Accrual Entries need only have the first transaction posted, the accrual will be automatically posted when the user accesses the Journal Entry routine in the new period.
General Ledger Inquiries and Reports include the following:
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