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Alternatively, watch the video by clicking here > How to enter a Trust Payment

 

 

To create a trust cheque select the trust tab, Entering a Trust Payment

Step 1: Go to your Trust Accounting Register by clicking on the red courthouse icon, from the top menu bar. 

Step 2: From the trust Trust Accounting register, select the cheque button. Image RemovedTrust Payment button

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The Trust Payment screen will default to using a Trust Cheque. (This can be changed in the Appliance Settings)

If your firm is permitted to use EFT payments, you will see a toggle to change to an EFT payment.

Please set this first before entering any details of the trust payment.

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Step 3: Fill out the fields on the Trust Payment - See information on each field below.

Fields:

TOP HALF OF TRUST PAYMENT

Account: Make sure the account selected is where the funds to be drawn are currently in. 

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Chq #: The cheque number should align with the law firm's physical cheque book and should be manually changed. However, if funds are being paid by methods other than cheque then it is recommended that there is a second numbering series for this. For example the physical trust cheques may follow a number series from 00001 - 99999 (corresponding to the cheque numbers in the cheque book) whilst payments by EFT follow the number series of EFT1 - EFT9999.  

EFT Only Fields:

     EFT Payee Details: These details are the information you are using the make the EFT transfer from your bank account. Some jurisdictions require this to be mandatory and it is set up to be mandatory by default in the settings.
     If your jurisdiction does not require these details to be entered, please contact the Wise Owl Help desk to change your settings

     Ref #: This is the EFT Payment Reference number. It will pull the next number in your EFT Trust payment series. 

     Bank Txn #: This is the Bank Transaction Reference or ID. Once you have finalised your trust payment, you can enter in the Bank Transaction ID when you enter the transfer to your bank account.
     This allows you to match the bank transaction to your Trust EFT payment with the number provided by the bank. 

Date: The date the cheque is being written or EFT Payment is being made.

Amount (Top half of screen):  This is the total amount of the cheque or EFT payment.


BOTTOM HALF OF TRUST PAYMENT

Matter:
  Please search and select the matter that the payment is being made for. You can enter multiple lines for different matters as needed

For (description):  This will copy the 'For' down from the top half of the payment but can also be entered manually for additional information

Ext Ref #:  This is for any external reference numbers applicable to the payment e.g. if you are paying an invoice of a Barrister, you can put the Invoice number in the Ext Ref #.

Amount (bottom half of screen):  This is the amount of the payment that is relevant to the matter on that line. 

Matter Balance: This will automatically update once you have entered the amount and will show the matter balance after this payment is finalised.

 

Overdraws

Under legislation surrounding trust accounting in Australia - matters may not be overdrawn in their own right. Therefore if a trust cheque payment will result in a matter having a negative trust balance, an error message will appear.  Image Removed

If you have the 

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Note: Physical cheques can be printed in the same format/layout as either PcLaw cheques or QuickBooks cheques.

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