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Jessica Clark (Unlicensed)

Jessica Clark (Unlicensed)

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To enter a new Bank Adjustment, select  select the black Enter Adjustment button on the bank reconciliation screen.Image Removed

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Wise Owl Legal software has made adjustments easy, by having a pre-existing list of adjustments to choose from, spell out in layman’s terms.

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The adjustments relate to the keywords. The list of adjustments, and additional information, is detailed below.

Most of the adjustments will put in a negative or positive as needed for the type you choose EXCEPT the None of the above option - if you use this option, you need to enter it as negative or positive in the amount field yourself.

  1. There is money deposited into my account that I have not yet processed

    • This is the most common type of adjustment and usually occurs because of the trust accounting regulation that states that trust receipts cannot be backdated

    • The date is the date the money was physically received by the firm (in the case of direct deposits, this is the date the funds appear on the bank statement)

    • The description is what the funds are for. E.g. professional fees

    • The Txn Ref is the receipt number for the transaction, when it has been processed. 

    • The matter ref is the matter number the funds relate if

  2. There is an error on my bank statement that the BANK will put BACK INTO my account

  3. There is an error on my bank statement that the BANK will TAKE OUT of my account

  4. There is money taken out of my account that the FIRM will PUT BACK

  5.  A

     A Trust Payment was presented for LESS than our records

  6.  A

     A Trust Payment was presented for MORE than our records

  7. A Trust Payment has been entered in my Bank Account that I will fix next month

  8.  Money

     Money deposited was MORE than the receipt we wrote – Firm will receipt

  9.  Money

     Money deposited was for LESS than the receipt we wrote – Firm will deposit more

  10.  Deposit

     Deposit for General was put into trust – bank will correct

  11.  Deposit

     Deposit for General was put into trust – we will receipt and process correction

  12. None of the above describes my problem

When in the adjustment screen, this list can be brought up by pressing the down arrow on your keyboard. 

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