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