In SILQ, you can assign different income accounts for different matter classes. For example, if you are working on a matter that relates to a Property Purchase, when you invoice the client for the work you have done on that matter, SILQ will assign that income to the specific Property Purchase Income account. You can then run a Profit and Loss report and see which matter classes you are generating most of your income from.
To set up different Income accounts for different matter classes click on your name in the top right corner to view the drop down menu, then click on System Settings.
When the settings window opens up, click on Accounts on the left-side of the window.
The Account Settings will be displayed in the middle of the window in a list. There are 13 different Matter classes that you can assign an income account to.
These include: Advice, Litigation, Property Sale, Property Purchase, Strata, Immigration, Estate, Compensation, Compulsory Acquisition, Family Law, Leasing, Mortgage Finance, Motor Vehicle Accident.
If you look down the list in the Account settings, you will see these accounts listed with the words ‘Not Set’ to the right of them. This means you have an option to set them up in order for SILQ to start tracking your income depending on which Matter Class you choose when creating a new matter. If you do not set them up, SILQ will use the default Fee Income account.
To set up an account, click to highlight the account. In the example above the Advice income account has been selected. Next, click on the Edit button on the right-hand side.
At the bottom of the settings window, the account you selected will be displayed, along with the Select Account button to the right of it.
Click on the Account icon which will open the select Account window. You will now need to create a new income account for a matter class you wish to set up an account for.
Click on the New Account button and the New Account window will open up. In the Account Name field, enter the name of the account, in the example above we are setting up Advice Income. Next assign an account number to it. This can be any number you choose. Leave the Account Type drop down menu to Detail. Then click on Save.
This new account will now appear in the Select Account window. Click on it to select it and then click on the Select button.
The Select Account window will close and you will now see the Settings window with your newly assigned account displayed at the bottom of the window.
Next click on Save.
Repeat this process to set up more accounts. Once you are finished click on Save on the bottom right-hand side of the settings window.