The Payables Ledgering feature automatically records Payables transactions within your organization’s LegFi account. This allows your organization’s bills, payments, and vendor transactions to flow directly into your accounting ledger, keeping your books accurate and up to date without requiring manual entry.
Payables Ledgering supports organizations using cash-based accounting, as it helps align expense activity made in LegFi within our new ledgering system.
How It Works
Payables Ledgering automatically creates corresponding entries in our new ledgering system whenever you complete a transaction in Payables. This includes:
- Bill Creation: When a bill is created and assigned to an expense category, LegFi records the expense and payable account in the ledgering system.
- Bill Payment: When a bill is marked as paid through Payables, LegFi records the payment against the appropriate cash or bank account.
- Vendor Management: Vendor details included in your LegFi bills are also captured for clear transaction tracking.
Each Payables entry is linked to the chart of accounts used by your organization, ensuring that expense categories map correctly.
Key Features
Payables Ledgering includes the following features:
- Automated Journal Entries: All Payables transactions are recorded automatically, eliminating the need to manually create entries.
- Consistent Account Mapping: Transactions follow your organization’s established Chart of Accounts, keeping your data consistent throughout LegFi.
- Real-Time Updates: Payments, edits, and voided transactions are synced in real time for accurate and current records.
- Improved Financial Reporting: With all transactions ledgered, your reports in reflect complete financial activity.
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