What adjustment do I enter for Trust receipts entered after the reconciliation date?

Situation:

Your trust amount was received into the trust bank account during the reconciliation period e.g. on the 28th of July, and you are reconciling to 31 July.

These funds weren't receipted into Wise Owl until after the end of the reconciliation period (i.e. after 31 July). E.g. Receipted into the OWL on 3rd August.

Solution:

Enter a Trust Adjustments into your Trust Reconciliation and tick it off next month against the receipted funds.

The Trust adjustment to use it 'There is money deposited into my account that I have not yet processed' (not yet processed as of the end of the reconciliation period)

This is the most common type of adjustment and usually occurs because of the trust accounting regulation that states that trust receipts cannot be backdate.

The date is the date the money was physically received by the firm (in the case of direct deposits, this is the date the funds appear on the bank statement.

The description is what the funds are for. E.g. professional fees

The Txn Ref is the receipt number for the transaction, when it has been processed. e.g. 3 August

The matter ref is the matter number the funds relate to