Purpose & Benefit: Easily set up Trust Accounting and/or Bank Accounts under Payment>Settings so that you can receive payments in these accounts via our portal. Improve client relations by streamlining the payment collection process while also simplifying the invoicing and payment collection process.
To access the payment settings:
- Select Settings under the Payments tab.
- Turn on Trust Accounts here by checking Enable Trust Accounting?
Note: This is only available depending on what type of TimeSolv account package you have. TimeSolv Pro users will not be able to use Trust Accounting.
- Turn on ‘Show External Trust Transfer Option‘ to be able to select the Payment Method as ‘External Trust Transfer’ under Payments>Payments>Payment Method field.
- Click Save.
- Click on the Bank Accounts tab to create/edit/delete bank accounts.
To create a new bank account:
- To create a new account, click on New Bank Account button.
- Please specify a Name for the account (e.g. IOLA, Second IOLTA, Operative).
Specify whether this account is a Trust account or an Operating account from the drop down list of options.
- Provide a Description if necessary.
- Please specify a Bank Name.
- Ensure the Active checkbox is selected to keep this account active.
- You can set this account as as Default for Firm by checking the box.
- Click Save when you are done.
To edit an existing bank account:
- Alternatively, you can drill into the Account Name to edit an existing bank account.
- Click the Delete link against the desired bank account to delete after confirmation.
Note: You can only delete an account if nothing in the system has ever been entered against it, otherwise the system will not allow you to delete it.
- You can click on Create Payment Profile button to create a new LawPay account.
- Connect to your LawPay account by clicking on the Connect with LawPay link. This will open up a new tab and require you to log in to your LawPay account. Once logged in, you will be automatically redirected to the TimeSolv web app.
- Next, you can specify LawPay Merchant Account and LawPay ACH Account details.