There are two main classses of transactions within
ContactsLaw:
General
ContactsLaw provides a user-friendly abstraction of the principle of double-entry accounting. Every general ledger transaction debits or credits funds from one general account to one or more other accounts. Where GST is applicable, the tax component of the transaction is automatically posted to the relevant account (which may change depending on whether cash or accrual accounting is in used).
Trust
Acknowledging that trust accounting is generally simpler (yet more tightly-controlled) than general accounting, ContactsLaw provides specialised transaction types for receipting funds into a trust account, paying them out of the account and transferring funds between files within the account. Linkage between the trust and general accounting systems is provided via the
trust transfer, a special type of transaction that exists in both subsystems.
See also