Page Comparison

Trust Receipt

REC 

Money is received in trust from a Client (or other contact on behalf of a Client). This represents money entering your Trust Accounts.

This money is recorded directly in the appropriate Trust Bank Account, or in Undeposited Funds (for cash and cheques).

Client

3rd Party 

Trust Bank Account

OR

Undeposited Funds

Trust Receipt Page

Bank Deposit 

DEP 

Cash and cheques received in trust from a Client (or other contact on behalf of a Client) are transferred from Undeposited Funds to the actual Trust Bank Account. This represents someone physically banking monies at the end of the day.

You can also use this type of transaction to record and clear credit card activity for each day (to make reconciliation of merchant statements easier).

Undeposited Funds 

Trust Bank Account

Bank Deposit Page

Trust

Cheque 

CHQ 

Money is used to pay for disbursements / outlays as part of a particular Matter. They are paid to a 3rd party contact. This represents money leaving your Tust Accounts.

Transit monies (such as Stamp Duty) are paid using this transaction. Money refunded to Clients at the close of a matter are paid using this transaction.

Payments to your own Firm can be made using a Trust Cheque if you are not using the General Accounting module.

Trust Bank Account 

 3rd Party

Write Trust Cheque Page

Matter Transfer 

MTR 

Trust funds are transferred from one matter to another.  When using this feature it is essential to print the report, have a cheque signatory sign the movement and file with your trust end of month reports for audit.  This is because this type of movement requires the same authorisation as writing a cheque from the trust account.

Trust Bank Account 

Same Trust Bank Account 

Matter Transfer Page 

Bank Transfer 

BTR 

Trust funds are transferred from one Trust Bank Account to another. This may be transferring money from a Controlled Trust Account to General Trust. It can also represent deposits or withdrawals from the Firm's Special Deposit Account (if you process them manually).

IMPORTANT NOTE :  This feature can only be used in certain situations  e.g. in Queensland you can only withdraw from a trust account by CHEQUE unless you have express permission from the Qld Law Society to use EFT's on a Trust Bank Account

Trust Bank Account  

Different Trust Bank Account

Bank Transfer Page

Special Deposit Page

Reconciliation Adjustment 

ADJ 

An adjustment to a Trust Bank Account made as part of a bank statement reconciliation.  This can include

• an error by the bank that the bank will correct;  

• an error in transcription of a cheque that the firm will correct

• a receipt recorded after the reconciliation date

• a cheque presented for an amount different from the firm's records

Trust Bank Account  

Same Trust Bank Account  

Bank Reconciliation Page