Law Firm Accounting Software, General Ledger Software Including General Ledger Reconciliation

PRODUCTS - General Ledger

PD Partner’s General Ledger software module of FSLI's law firm accounting software provides the information necessary for the firm to make sound business decisions.  General Ledger acts as the central repository for all financial transactions created in the sub-ledgers.   PD Partner’s GL is GAAP based and fully auditable.  Controls exist to prevent the entry of one-sided entries or transactions that are not in balance, thus enabling quick and accurate general ledger reconciliation.

Most of the data that is compiled in the GL is created automatically in the sub-ledgers, (Time and Billing, Accounts Receivable and Accounts Payable Software modules).  A program also exists for the creation of journal entries or month-end closing entries.

Firms can elect to run any one or multiples of the following accounting methodologies:

Cash
Modified Cash
Accrual

A sophisticated program (GL Integration Rules) is provided which allows the firm to specify which financial transactions hit the GL and which General Ledger accounts will be affected.

It is from within the GL that firm managers will be able to evaluate the overall performance of the firm, utilizing such standard measuring tools as:

Income and Expense Statements
Balance Sheets
Trial Balances
Cash Flow Statements
Statement in Changes over Time

Each of these standard financial reports can be run for any period or range of periods, can be run comparing two periods or can be run as comparatives against budgets.  FSLI provides numerous standard financial statements with the core product.  Like all FSLI modules, PD Partner provides the ability to copy and modify reports to meet firm requirements.

A complete set of transaction-based reports is provided so the firm can provide supporting detail to any financial schedule.

Sub-Accounts: For firms who want to provide separate P&L’s at the office level, the department level or both, PD Partner provides a sub-account chart that provides posting into these divisions automatically.

Budgets: Each Account can have a month-to-date and year-to-date budget for each management period.  These budgets can be entered one at a time or distributed automatically across a fiscal year.  At year end, budgets can be zeroed out or automatically rolled over into the next year.

Future Periods: Since PD Partner is GAAP based, it disallows posting to closed periods.  PD Partner provides the ability to hold periods open as long as necessary.  A common example is year end.  Most firms hold their year open for months before they are ready to close.  In PD Partner, it is possible to hold the previous year open but post into the current year and get current financials.

Controls: As any serious accounting system should, PD Partner offers controls on both date ranges and posting periods. For example, a firm may decide that certain users can only post into the current period or into the current and any future period.  As another example, a user may only be able to select transaction dates in the current period.  Proper configuration and use of these controls ensures the integrity and consistency within the General Ledger periodic data.

Bank Reconciliation: PD Partner assists the firm in its monthly general ledger reconciliation with bank statements.  This program  reduces the amount of time spent on this process from hours to minutes per month per account.

PD Partner’s General Ledger software provides your firm with a time tested, fully integrated, audit proof tool to evaluate your firm’s performance for the current or any period of time. It is an ideal component of any legal practice management software system.