Recording special deposits can be problematic as sometimes it results in an overdrawn trust ledger account - which is NOT ALLOWED, under legislation.
If the amount is to be lodged into the Special Deposit Account, also known as the Department of Justice & Attorney General Prescribed Account then a cheque must be written.
A Statutory Deposit (aka Special Deposit) is required by some jurisdictions to take part of a solicitors trust account out of the General Trust account and put it in a fund managed by the local law society or other government authority.
In Wise Owl Legal we hold the Statutory Deposit in a different bank account in Wise Owl. This method has been agreed with by Law Societies in multiple jurisdictions and auditors.
To process a Statutory Deposit transaction you MUST use a Bank to Bank Transfer to enter the transaction.
To put money into Statutory Deposit
To redeem money FROM your Special Deposit
Ensure that you fill in the date, amount, description and enter in the Special Deposit / Statutory Deposit matter
Choose the option of writing a cheque or not writing a cheque. If using a cheque, please confirm the cheque number to the right is correct before finalising.
Finalise and print the report as needed