How to Record Special Deposits / Statutory Deposits

Owned by Karen McDonald
Last updated: Aug 23, 2022 by Gemma Heidemann
2 min read

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.

  1. To process a Statutory Deposit transaction you MUST use a Bank to Bank Transfer to enter the transaction. 





  2. To put money into Statutory Deposit





  3. To redeem money FROM your Special Deposit





  4. Ensure that you fill in the date, amount, description and enter in the Special Deposit / Statutory Deposit matter 

  5. 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.

  6. Finalise and print the report as needed