Manage Your Practice and Maximise Your Efficiency with the help of Sol-Est Accounts
Part 8: Nominals
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.
Nominal detail reports are important for analysing expenditure, you can find them here:
- Reports > Account Reports > Nominal Ledger > Nominal Details – Enter the period required and the range of nominal codes required
You can print all or a range of nominal details for any given period within the current financial year.
Useful analysis includes checking the fees billed by individual Fee Earners within your practice; in this case you would isolate the income codes range from 000 to 099. You can also look at individual expense or drawing codes and keep an eye out for overspends or direct debits for unnecessary expenses that you might have forgotten about.
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.