To create a trust entry:
- Select Trust under Payments tab.
- Select the Client/Matter.
- The trust account will populate in the Trust Account field if you have a Trust Account set up. If you need to set one up, please click on the blue plus sign.
- Click the plus sign to the right to create a new one.
Note: Creating a new account for a matter does not create a new bank account, only a dedicated area to track funds specific to this matter.
- The Name can be changed to anything you want, but by default it will come up as Trust.
- The available Bank accounts will be displayed in a drop down list. Choose the account you would like it to be associated with.
- The Matter Default checkbox means that this account will be used for the Matter.
- Enter the appropriate minimum value for replenishment in the Replenish Below field, and the value the account should be Replenished To.
Replenish To means the amount that coincides with any account rules a client has to abide by (for example a minimal account balance of $1000 is required for clients at all times in their trust account, so the Replenish To field would be $1000). But, you may allow for the client to have as low as $800, for example, before notifying them to add more money to their account. That $800 would be the Replenish Below amount. So, if the amount drops below $800, the client would have to ‘replenish to’ $1000. This would automatically appear on their next invoice.
Note: Replenishment values will automatically be added to invoices when the account balance is below the Replenish Below value.
- Select Auto Pay Invoices from this Trust? checkbox if you would like to automatically deduct the invoice amount from the trust account balance.
- Select the Active? checkbox to ensure the account is active and enabled for use.
- Click Save.
- Select Transaction type from the drop down from Deposit or Disbursement. Deposit is money leaving your account. Disbursement is money taken from the Trust account for anything other than invoice charges (e.g. paying court cost directly from a trust account, or the case having ended but money is left over in the trust so is refunded to the client). Selecting Disbursement will activate the Paid To field.
- Specify the Date this transaction will be recorded in their account.
- You can specify who you are sending the money to in the Paid To field (this is mostly used for Disbursement). Enter the name of the customer whom the balance has to be refunded.
- Reference field can be used to add a check number.
- Specify the Amount you are sending out.
- Notes field can be used to enter a specific note regarding the transaction. These are only for internal use and will not appear on the invoice.
- Click Save
- Click the Allocate link to allocate the funds to invoices. (please see the lower half of this article to see how to fill in the allocation form).
- Click the Delete link to remove the entry.
- Click Transfer to transfer an amount from one Trust account to the next.
- Specify the transfer date.
- Specify the trust account you want to transfer to.
- Specify transfer amount (this field will be auto-populated with the whole balance available for transfer).
- You can add a reference to identify the transfer record.
- You can add any necessary notes needed to be attached to this transfer.
- Click Save.