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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. This is a separate bank account !
A bank deposit must then be completed when the funds are physically being taken to the financial institution to be deposited into the law firm's trust account. In Wise Owl Legal the bank deposit transfers the funds from Undeposited Funds to the General Trust Account.
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