When having protected funds - the check box must be ticked before finalising - cannot be edited once finalised
REWORD!!!! (This is taken from Trello)
SCENARIO: type all the receipt fields (description copies down correctly) then you realised made typo in description so amend. Does not copy down again even if tab through all the fields.
That is by design. Once you enter a description in each line item it will not over write it. After all, how does Wise Owl know you want to over write? Perhaps you want some lines to say one thing and some to say something else.
Yea, that makes sense.
Also, if you don't have an amount in the top section the description doesn't copy down (enter out of order)
Correct. Although technically it doesn't copy down when there are no unallocated funds (so you don't fill in extra lines once you've allocated all your money). It just doesn't differentiate between a zero amount and zero unallocated funds.
To create a trust receipt select the trust tab, the red courthouse icon, from the top menu bar.
From the trust register, select the receipt button.
The Description field copies from the top half of the receipt to the bottom. However it is possible to change or add details to the description in the bottom section if necessary.
IMPORTANT DISTINCTION:
There are two dates on the trust receipt page. It is very important to understand the difference in terminology!
The Rec'd On date is when the funds were actually received by the law firm. This can either be the date cash/cheque was put into the hands of the firm's staff or the date EFT appears on the bank statement.
The Receipt date is the date the receipt is written, and cannot be backdated!!!!! (under legislation surrounding trust bank accounts).
It is extremely easy for auditors to check when a trust receipt was entered, so if it does not match the receipt date this will cause your firm grief! So to avoid troubles, never backdate trust receipts.
After a trust receipt is finalised the Trust Account Receipt can be viewed and should be printed and filed for audit.
Form of Funds:
- 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 !
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.
To create a bank deposit:
- 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