Does your accounting software comply with regulatory requirements?

We understand that local jurisdictions may have different requirements, but certain questions get asked repeatedly.  We have tried to formulate the questions as accurately as possible, and provided clear, direct answers.  If you have additional questions, or an answer does not appear clear, please contact us?

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Question: What does the name DynamicLTA  mean?

DynamicLTA is an abbreviation for  Dynamic Lawyers Trust Account software.
It is a niche accounting software product, designed specifically to provide for business and trust accounting in a single product, with an integrated ledger, IFRS statements and management reports.
Smaller and start-up legal firms typically do not have the multi-user, simultaneous access requirements of bigger, more established firms. These smaller firms however are subject to exactly the same regulatory framework as bigger firms.
Dynamic  ensures compliance for small firms.
The system is designed for a single user environment, it is not designed for concurrent users, but provides extensive scope in terms of the transaction amounts or number of accounts.
Bench marking indicates  that a typical DynamicLTA  installation can accommodate 30 000 individual ledger accounts, with up to 500 000 discrete transactions, without an apparent impact on performance.

Question: Who should use DynamicLTA ?

DynamicLTA was developed specifically for lawyers who require a combined business and trust bookkeeping application.  If it is a standard lawyers trust account, or an IOLTA account, DynamicLTA  is the solution you need.  Different labels apply in different areas, a legal practitioner may be described as a solicitor, attorney, lawyer or advocate. If you are responsible for client money, DynamicLTA is the integrated software solution to keep business and trust transactions in one set of books.  It was not designed to meet estate or fiduciary trust requirements.

Long term record retention is provided by the continuous ledger format, which means that historical transactions are not archived. The transaction history is not disrupted with Balance Brought Forward entries.

Question: How does DynamicLTA distinguish trust and business?

DynamicLTA  provides for separate trust and business transaction processing, automatically posting to the ledger, which maintains this distinction.  A typical ledger display will contain clear columns for business debit and credit, and separate trust debit and credit.  Business and Trust bank accounts and cash books are maintained separately.  All reports clearly indicate the distinction between trust and business entries.

• • Separate, unique accounts for each matter
  • Separate Business and Trust ledgers and cash books
  • Easy Reconciliation: Cash books & Trust Ledger

Question: Does DynamicLTA support Three Way Trust Reconciliation?

Yes. DynamicLTA allows:

• • Compare trust cash books to trust ledger
  • Detail trust cash book to bank account reconciliation
  • Client trust ledger balance analysis

Question: Does DynamicLTA balance the trust?

DynamicLTA  understands the requirements of reconciling the trust ledger with the trust cash book, at the same time facilitating easy to use balancing of the trust and business books.  Easy to read reports indicate the state of the trust at any given point in time, any trust-to-business transfer transactions and the surplus or deficit status of individual client accounts or the trust as a whole. The system reflects user input and does not link to any online bank application for automated bank transactions.

Question: How is DynamicLTA licensed?

DynamicLTA is never sold. The right to use is set out in the End User License Agreement (EULA). Licensing is through non-transferable, monthly user based licenses, payable in advance.

Question: Does DynamicLTA come with after sales support and documentation?

Yes! After Sales support is available. DynamicLTA comes with an extensive Help File and the Home Page contains extensive additional resources. In addition, the system comes with an built in AnyDesk Remote Support module for internet based remote support.

Question: DynamicLTA is a Desktop app, but it is cloud based?

DynamicLTA uses a traditional Microsoft Windows user app, for a familiar, easy to use experience. The data is stored on a cloud server, which means that it can be accessed from anywhere. Why word from the office, if you can #workFromAnywhere? Our Desktop app also allows easy integration with Microsoft Outlook for Windows, which allows the fast and easy creation and sending of email through Outlook.

Question: How does DynamicLTA ensure the validity, accuracy and completeness of accounting data?

DynamicLTA is an integrated double-entry accounting system.  When a transaction is processed, the user selects the transaction type, enter the relevant account number and amount, and the system processed the relevant debit and credit. The user selects the transaction type and there is no need to indicate the debit or credit.  Various time-stamped reports validate the transaction: ledger, type detail, type summary and automated system checks confirm that all entries sum to nil.

Question: What are the risks of confidentiality and what physical security measures are used?

DynamicLTA by default requires an access PIN.  Restricting access to this PIN number will prevent unauthorized access to the system.  Physical security includes restricting access to the computer on which the system is installed.

Internet access is only available using a user password.

Question: Should source entries be independently totaled prior to processing?

This is a user function. DynamicLTA allows for direct processing without batch totals.  Transaction are individually posted to the relevant ledger or cash book.  Since no batches are posted, no record is kept of batch totals. DynamicLTA does not provide for batch processing.
Diagnostic reports allow for printing of historical entries.

Question: How does DynamicLTA indicate the source of a transaction?

Provision is made for both a Voucher Reference and Contra Account Reference in addition to 200 character transaction narrative in addition to internal system protocols.

Question: Are audit trails distinguishable?

Transactions are categorized to facilitate distinction, and can be viewed by these categories to diagnose problems, or trace entries.  In addition each entry has a unique identifier, a batch-sequence-member identifier and a system date feature.

Question: Are regular reports available?

Realtime, live reporting is available. The system is fully integrated. As soon as a transaction is processed, the results are visible throughout the system, eg. a receipt will update the relevant ledger account, as well as the cash book. Accurate, up to date reports may be drawn at any time, there is not reason to wait for the end of the month before a report will be up to date. Flexible reports, for any overview, eg. daily, weekly, monthly, quarterly, annually or user defined are available.  In addition, reports have default overviews, and can be customized by the user at run time.

Question: How can the accuracy of reports be confirmed?

Reports can be drawn showing only totals, totals by account or detail by account. Typically a report will include the relevant ledger account number, transaction date, transaction description, amount and a balance. In addition, these individual reports can be verified by comparing the transaction type, with its corresponding double-entry.

Question: Do I need additional software to use DynamicLTA ?

Yes. The good news is that simple data report browsing happens in the application, with no further software required.  Generating external reports require additional software.  The good news is that the additional software required is either free, or generally already present on the computer where DynamicLTA is installed. DynamicLTA generates all output reports as portable document format (.PDF) files. Any PDF Reader compatible with Adbode Reader 5.0+ will work with DynamicLTA . DynamicLTA PDF exports have been tested and works with Adobe Acrobat Reader and Foxit Reader.

Most reports can also be exported as character separated value (.CSV) files. CSV files are text files and can be opened with any text editor, such as the Notepad application on Windows. However, the purpose of the CSV export is not to browse the text data. These CSV files can be opened with spreadsheet software such as Microsoft Excel, where the data can be manipulated, sorted and printed. DynamicLTA CSV exports have been tested and works with Microsoft Office Excel and OpenOffice Calc. If the correct software is installed, reports will automatically open when clicked.

Question: How green is DynamicLTA?

DynamicLTA uses one of the smallest and most reliable databases available today.  In addition all reports generate as PDF documents, allowing the user to peruse and decide if printing to paper is really necessary.  Most reports can also export to on-disk character separate value (.CSV) files, which can open in spreadsheet software.  Generally, this obviates the need for hard-copy paper printouts.   Certain reports must be printed for compliance purposes, but printing stacks of paper is not the DynamicLTA way.  This makes DynamicLTA very green indeed.

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If you have any additional questions, please do not hesitate to contact us.

-Dynamic