IMPORTANT DISTINCTION:
There are two dates on the trust receipt page. It is very important to understand the difference in terminology!
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The Receipt date is the date the receipt is written, and cannot be backdated!!!!! (under legislation surrounding trust bank accounts)
IMPORTANT NOTE:
When funds are received in the form of cash or cheque and are to be banked by the law firm, the bank account on the trust receipt is Undeposited Funds.
A bank deposit must then be completed when the funds are physically being taken to the financial institution where the law firm's trust account is. In Wise Owl Legal the bank deposit transfers the funds from undeposited funds to the General Trust Account.