Ledger Summary

Essential Reports for Office Managers – Part 5

Manage Your Practice and Maximise Your Efficiency with the help of Sol-Est Accounts

Part 5: Ledger Summary Report

Your Sol-Est program, when used correctly and to its full potential, is a very powerful accounting tool.

When the postings and reconciliations are completed properly, your reports & manual reconciliations will provide your accountant with everything they need to quickly and easily prepare your accounts for tax and submit your end of year audit to the Law Society. As an office manager or practitioner, the reporting facility in Sol-Est should be used to maximise the usefulness of the program and ensure the smooth running of the office.

This series of blog posts highlight a selection of the most important reports, which you should make a habit of running regularly.

To see all balances related to all or a selection of ledgers at a specific date, you can run the Ledger Summary Report.

  • Reports > Account Reports > Office A/c > Ledger Summary Report – Select a range of clients and fee earners or leave blank to see all, and enter the date up to which you wish to run the report, or leave blank to see totals up to date

This report lists each matter with their client account totals, unbilled disbursement totals and office account totals. This is useful to compare where money is held in the client account whilst disbursements or bills remain unpaid. If you find that this report is 10+ pages, you may have a lot of dormant balances, or small balances on office ledgers that need to be written off. Further investigation into these issues may be necessary and you can check our notes on Dormant Balances and Aged Debtors for assistance.

We must stress that the usefulness of the reports is dependent upon the standard of posting to the system. Posting should be kept up to date, and manual reconciliations run each month to verify the accuracy of the data input to Sol-Est. Once your book-keeper has completed the monthly reconciliations, you should review those in conjunction with the reports below in order to keep your practice running efficiently.

If you do not use Sol-Est Accounts, you may be able to generate similar reports from your software. If you cannot, you should consider upgrading to Sol-Est to ensure you have can properly manage your practice and finances within the SAR.

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