Trust Management
Three-way Reconciliation ( Trust)
Last Updated: December 23, 2024Three-way trust reconciliation is a process that ensures a law firm’s internal records (trust ledger and client ledgers) match the official bank statement (trust account) for a trust account. It’s vital for law firms because it prevents misused funds, ensures accurate client billing, and helps maintain compliance with ethical rules. LawAccouning Provides a screen to...
Trust Transfer
Last Updated: December 23, 2024Trust transfer gives the user the ability to transfer the funds in one click.*Please note that this screen does not transfer the actual funds, you still need to use your banking app, this screen generates the accounting transactions for this transfer. Why should Law firms transfer the earned Trust Funds in bulk instead of as...
Applying Trust
Last Updated: December 23, 2024Once you receive the Trust, you will see the Trust transaction has been generated, you can add the Trust totals at the Matter or Party level to have a clear understanding of the pending Trust. Whenever the Trust Payment is entered into the system, the system automatically credits the Trust Liability, please see the installation guide...
Trust Request
Last Updated: December 23, 2024Overview The Trust Request screen provides the user the ability to request the trust/retainer amount from the client. This process can be initiated from the Account tab(Party or Client) or your case management Matter, or you can navigate to the Trust Management app in the LawAccounting, and click on the Trust Request tab. Please refer...
Trust Payments
Last Updated: December 23, 2024Trust payment follows the standard payment process, except that the user is selecting a Trust Bank in the Bank GL. Whenever the system sees the transactions against the Trust bank, it generates the trust transactions.