● Streamlined Reporting: Leverage Salesforce’s built-in reporting features for standard accounting reports like:
- AR Aging
- AP Aging
- Open Invoices (by Client or Matter)
● Accessing Standard Reports: ○ Navigate to the Reports tab within the desired module (e.g., Revenue, Expense, Trust).
- Select the “Accounting Reports” folder.
- Choose the report you want to run.
- LawAccounting out of box has most of the reports, however, these reports can be built as part of the onboarding package.
● List of Standard reports included in the package (This list keeps on growing, please check the latest release notes)
| Category | Report | Description |
| Accounts Receivable (AR) Management: | AR Aging – Write-off Percentage | Reflects the ability to assess creditworthiness and manage bad debt. |
| AR Aging – Collection Effectiveness Index (CEI) | Measures success in collecting outstanding receivables. Higher CEI indicates better collection practices | |
| Billing and Revenue Generation: | Billing Aging by Customer | Categorizes uncollected billings by outstanding duration for collection prioritization. |
| Billing Reports | Tracks billable hours, fees, expenses, and revenue generation by clients, matter, or lawyer. | |
| Billing with Applied Receipts | Identifies invoices with recorded payments. | |
| Billings Email Exception Report | Identifies issues preventing automated billing emails. | |
| Billings by Customer and Period | Provides a breakdown of open and closed billings by client and accounting period. | |
| Client Payment Timeliness | Tracks average client payment turnaround time after receiving invoices. | |
| Client Profitability and Retention: | Client Profitability Reports | Analyzes profitability by matter, practice area, client, or lawyer for resource allocation and client selection decisions. |
| Client Retention Rate | Measures the percentage of clients who continue using the firm’s services. | |
| Client Trust Transfers | Tracks client trust fund transfers and their purposes. | |
| Cash Flow and Collection Efficiency: | Collection Ratio | Indicates the percentage of billed amounts successfully collected, assessing collection efficiency. |
| Percentage of AR Over 90 Days | Highlights the proportion of outstanding receivables exceeding 90 days, impacting cash flow. | |
| Financial Reporting and Reconciliation: | General Bank Reconciliations & Comparisons | Ensures accuracy between bank statements and internal accounting records. |
| General Disbursements Journal | Details outgoing funds in non-trust bank accounts. | |
| General Receipt Journal Final | Details incoming funds in non-trust bank accounts. | |
| List of Bills (Monthly) | Provides a monthly breakdown of invoices. | |
| Profit & Loss Report by Accounting Class | Details income and expenses categorized by accounting class. | |
| Total Trust Account Balance BY GL | Tracks trust account balances on a general ledger basis. | |
| Transaction Detail by GL Account | Groups all transactions by general ledger accounts. | |
| Transaction Viewer : Standard | Provides detailed transaction information by account. | |
| Trust Activities by Client | Groups all trust-related activities by client. | |
| Trust Balances by Client | Groups trust account balances and details by client. | |
| Trust Bank Reconciliations & Comparison | Ensures accuracy between trust bank statements and internal accounting records. | |
| Trust Disbursements Journal(Case) | Details outgoing funds from trust accounts with case and disbursement information. | |
| Trust Journal Ledger by Date | Shows trust account activity for each client, including opening balances, transactions, and closing balances (by date). | |
| Trust Journal Ledger by Month | Shows trust account activity for each client, including opening balances, transactions, and closing balances (by month). | |
| Trust Receipts Journal – Final | Shows trust account activity for each client, including opening balances, transactions, and closing balances. | |
| Unapplied Receipts | Lists all unallocated payments | |
| Unpaid Trust Requests | Lists all outstanding trust fund requests. | |
| Vouchers Aging by Payee – Current | Categorizes unpaid vouchers by their outstanding duration. |
