ACCOUNTING FEATURES

ACCOUNTING AND financial statements:

Soluno™ supports accrual, cash, and two types of modified cash. Your financial statements will always instantly reflect the entries being posted correctly. Under accrual we know invoicing translates to assets while under cash, we know that money isn't income until the client pays. Under any system we can track hard and soft costs separately.

A full set of financial statements are included. You have the option to close months or, if you don't need that level of control, you can close an entire year in one step. All reports are saved and readily available so you never have to "recreate" periods.

TRUST ACCOUNTING:

Soluno ensures compliance with your firm's local trust regulations and fully manages your clients' trust funds. Administrators can configure the system to prevent overdrawing of your clients' trust funds or receiving retainer money into an operating account. But like most rules, there are valid exceptions that can occur; when they do, an administrator can approve individual entries.

Trust funds can be easily transferred to an operating account during the billing cycle or using our transfer funds feature. The transfer feature also allows transfers between trust accounts or between files. Again, ensuring all the rules are met.

REPORTING and AUDIT TRAIL:

Soluno includes over 60 standard views that can be used to track your contacts, receivables, cash flow and many other aspects of your firm's practice. Many of these can be exported to Excel (.xlsx format) at the touch of a button. 

Our audit trail report will itemize every entry including the user who created/changed/deleted the entry along with the ability to see the original entry and the current entry. If the system has missing entries that is also high-lighted.

DEPOSIT SLIP, BANK FEEDS And BANK RECONCILIATION

Included is the ability to produce deposit slips and process bank feed information provided by virtually all banking institutions (ofx/qbx format).

Bank feed and deposit slip information automatically flows into our bank reconciliation feature where we automatically smart-match entries. Entries that aren't found in Soluno are displayed and can easily be added to the system. Our bank reconciliation feature also tracks bank errors separately for you so that you don't have to create "fake" entries to force numbers.

There are up to four reconciliation reports produced: Statement, Journal, Receipts vs Deposits and Client Trust. You can only close a period when everything balances. A one-page summary highlights all the numbers.

With all the advanced features, the time it takes to add missing charges and complete a bank reconciliation is greatly reduced over traditional systems.