Unity® Accounting allows you to create and manage multiple companies. For example, if you have a management company where you track your firms expenses, can be added alongside your law firm company. Each company will have its own chart of accounts and set of books.
When you go through the initial set-up process with your Unity® Accounting, the software will automatically create a company file for your law practice based on the information you enter. You can create and log-in to new companies through File – Open/Create Companies.
Note that your number of licensed users is the total number of users you are allowed to have across multiple companies. For example, if you subscription includes 10 users, you can have 9 users in your law firm company and 1 user in your management company. If you need to add additional users to either company, you will need to purchase an additional user license.
You can review your licensing information in your online account with Unity® Accounting or in Maintenance – Activation & Licensing.
Steps:
- After the welcome page, click on Next.
- In the tab Company and Firm, enter all the fields like Firm Name, Address, Phone etc., and click on Next.
- In the tab General Settings, the type of client numbering is chosen.
- In case you do not use matter number in the file, select Do not use matters or sub-files.
- Be cautious with the selection in step 5 above as this cannot be changed after the company is created.
- Select the date format and click on Next.
- In the financial settings tab, choose the accounting method.
- Choose the financial year which you will be following in Unity® Accounting and then click on Next.
- Enter your CRA business number and the PST business number issued by the government.
- Under tax settings and rates, specify the rates of GST/HST and PST.
- Depending on the province of the company, PST will be active or inactive, click on Next.
- In the user settings tab, type the user name and the password and click on Next.
- The Finalize settings tab shows the user name and password you entered and click on Finish.
Tips:
There are two ways to record revenue in accrual accounting.
- Billed as Revenue: In this case revenue is recorded when you enter the bills.
- Unbilled as revenue: In the WIP revenue, revenue is recorded when you enter fees using the time entry program.
- In case if you want to modify any information (except changing the company from using matter or sub file numbers to not using), click on Maintenance > Global Settings and you can modify the information.