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Alternatively, watch the video by clicking here > How to enter a Trust Payment
On this page:
Entering a Trust PaymentAnchor enter enter
Step 1: Go to your Trust Accounting Register by clicking on the red courthouse icon, from the top menu bar.
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Step 3: Fill out the fields on the Trust Payment - See information on each field below.
Fields:Anchor Fields Fields
TOP HALF OF TRUST PAYMENT
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- The 'For' field at the top of the trust cheque is cheque specific;
- The 'For (descriptions)' fields on the bottom half of the screen are specific to each matter and follow through to billing. Therefore additional information can be added in the details field at the bottom of the page, specific to each matter.
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. Anchor chq chq
EFT Only Fields:Anchor EFT EFT
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
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Matter Balance: This will automatically update once you have entered the amount and will show the matter balance after this payment is finalised.
EFT Payments and Bank Ref #Anchor EFTbank EFTbank
OverdrawsAnchor overdraw overdraw
Under legislation surrounding trust accounting in Australia - matters may not be overdrawn in their own right. Therefore if a trust payment will result in a matter having a negative trust balance, an error message will appear.
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