Financial Setup
Accounting Period
Last Updated: December 23, 2024Accounting Periods are the fundamental data element that captures accounting transactions in the given time. Every calendar day in a fiscal year must be a part of one, and only one, Accounting Period, meaning there can be no gap in days between a prior period’s End Date and the next period’s Start Date. Accounting Period...
Tax Setup
Last Updated: December 23, 2024Tax settings are the rules and regulations that govern the taxation of individuals and businesses. Proper tax planning and preparation are necessary to ensure compliance and minimize tax liability. Tax professionals use strategies such as maximizing deductions and credits, structuring transactions efficiently, and staying up-to-date on changes to tax laws. Compliance is essential, as failure...
Multi Company
Last Updated: December 23, 2024LawAccounting allows for accounting of multiple companies in a single Salesforce instance, provided they share the same fiscal year end and Chart of Accounts. LawAccounting’s multi-ledger feature is available and does not require activation by the LawAccounting support team. This is required step to enable the LawAccounting in your organization Company Name: Name of the...
Journal Entry
Last Updated: December 23, 2024Journal entries are a critical part of accounting used to record financial transactions, adjust account balances, and create a chronological record of a company’s financial activities. They are necessary to produce accurate financial statements, including balance sheets and income statements, which provide insight into a company’s financial health. Journal entries include details such as the...
Accounting Classes
Last Updated: December 23, 2024Accounting Classes are often referred to as “sub-accounts” on other systems accounting classes are used to track major groups or areas in your business like below, if setup these classes can be used to tag the source transactions like Journal entry lines, Invoice lines, payable lines, receipts, disbursements. LawAccounting allows you to create 4 Accounting...
