When having protected funds - the check box must be ticked before finalising - cannot be edited once finalised
To create a trust receipt select the trust tab, the red courthouse icon, from the top menu bar.
...
- Bank Cheque - Is purchased from the bank and is drawn on the bank.
- Personal Cheque - Is drawn on the private cheque account.
- Cash - Legal tender that can be used in exchange for goods or services. Cash is not the safest form of payment as it is easily misplaced.
- Credit Card - Allows the holder to carry out purchases on credit and to be paid at a later date.
- EFT - Transfer of funds directly from one account (third party) to another (law firm's trust account). NOTE: In Queensland firms are only allowed to have EFT transactions if they have been specifically approved by the Law Society, specifically for their firm.
- Money Order - Purchased from a post office, then given to a third party. It is a way to transfer money in a convenient, safe way. It is similar to writing a cheque without having a cheque account.
- Telegraphic Transfer - An electronic transfer of funds primarily associated with transferring funds overseas.
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. This is a separate bank account !
...
- Select the trust tab, the red courthouse icon, from the top menu bar
- Select 'Deposit'
- Ensure the account for the funds to be deposited into is correct
- Enter the date as at today
- Add a description
- Select the transactions (receipts from cash or cheque) to be included
- Select 'Finalise and Print Deposit'
The description is what appears on the bank deposit and should therefore be representative of the source of the funds and their form or what the fund have been received for.
E.g. John Smith, Chq123 & Kelly Smith, Chq78 ; Settlement Funds Matter 11-1001
Protected Funds:
- Protected funds are unavailable for use until they are unprotected
- If funds are protected ensure you check the protect check box during the receipt creation as no changes can be made to a trust receipt once finalised
- Select the '...' next to the protect check box to enter additional details surrounding the protected funds
- Once a receipt is finalised the transaction will have a P in the status column to indicate its protected nature
