Commercial Accounting Systems
Commercial accounting systems are typically designed around period based reporting. The emphasis is the month, the quarter or the year. For Financial reporting this works well and is an established concept.
Where reports are required spanning multiple reporting periods, especially over several years, these must either be sourced from backups, or kept in a paper file, forcing the retention of a secondary data source.
DynamicLTA’s Continuous Ledger
However, with trust accounts, reporting is often not limited to a short term reporting period. Accounts may run over many years.
DynamicLTA uses a Continuous Ledger which allows for multi-year on year reporting from a single system, without losing data or archiving transaction while an account is still active!
Time is not an issue when an account is opened on DynamicLTA. Even if transactions cover a date range of ten years or more, DynamicLTA will consistently and accurately reflect the relevant transactions as processed. The cash books will not overflow, the ledger will not be over populated and the system will keep on working.
DynamicLTA provides typical Financial Reports on dates and for selected periods, such as a Financial Year, or information spanning multiple years with full transactions details in a single report!
The image below is a screen grab of a DynamicLTA Ledger Report in PDF. It shows the Continuous Ledger in action, with transactions spanning multiple years.
The Advantages of Continuous Ledger
Continuous Ledger means that all transactions belonging to a specific account will always be available in a single report.
Transaction level data will not be lost or obscured by system driven “closed periods” which make transactions disappear.
Transaction level data is retained through-out the system. Individual ledger accounts and cash books all show each transaction entry separately. “Opening and Closing” balances are run-time calculations. Transactions are not automatically lost with the passage of time.
Drill-down from a summary report such as a Trial Balance, right down to the individual transaction on a specific account is possible on any date.
With legal work, data retention requirements often stipulate that data retention period calculation runs from the data of completion of a mandate. This means that data must be retained for a set time after the final transaction was captured. Which can be a substantial amount of time after the mandate was originally received. Continuous Ledger means that these transactions will remain intact.
Its not just limited to a specific individual account! All transactions are reflected in different diagnostic and user reports. Looking for a specific receipt in the past? Its possible, its still there.
-DynamicLTA