How to Record Special Deposits / Statutory Deposits

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. 

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2. To put money into Statutory Deposit
   
   

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3. To redeem money FROM your Special Deposit
   
   

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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