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Located under practice tab (or the Company tab, for subsidiary companies), the general tab contains all of the features in ContactsLaw relating to the management and maintenance of the general chart of accounts. This includes managing the accounts themselves, the transactions posted to them, conducting banking activities and also provides access to the key financial reports for the business.
 
The functionality is grouped into the following views:
  • Bank - Displays and summarises transactions on the general bank account(s) and provides access to banking activities, such as transaction aggregation.
  • Accounts - Lists all accounts and their current balances, allowing accounts to be created/managed. Each account can be opened, displaying the account transaction viewer. Also provides budgeting features.
  • GST - Displays an on-going breakdown of items subject to GST and those which are not, as well as making the distinction between capital and non-capital purchases. This allows a review of transactions to be conducted prior to preparing a BAS.
  • Trial balance - Shows the MTD and YTD balances on all accounts.
  • Balance sheet - Shows the balances on asset, liability and equity accounts, allowing comparison to budget and previous financial year figures.
  • Profit and loss - Shows a detailed breakdown of the balances on income and expense accounts with a given period, as well as the YTD figures. Allows comparison to the budget and previous financial years.
  • Reconciliation - Lists the reconciliations that have been performed on the bank account(s), and is the starting point for a new reconciliation.