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The trust accounting tab can be used very much like a checkbook register. When payments from a debtor come into the financials tab, they are also recorded as deposits into the trust account. Meaning, now there is a positive balance in the trust account that must be zeroed out by making a payment out of the trust account to each of the entities that deserve a portion of the debtor’s payment.

 

Making a Deposit

  1. Next to Add: in the drop-down list select deposit.
  2. Under Date today’s date will automatically appear. You can override this by typing in the appropriate date.
  3. Under Description, select or add a description that indicates the purpose of the payment such as “Client Advanced payment for Costs.”
  4. If the deposit involved a check, you can specify the number from the check for your reference. Otherwise, you can leave this box blank.
  5. Specify the amount that the deposit was made for under Amount.
  6. Where it says To choose where you would like the deposit to be applied. So, if the client made an Advanced deposit, specify the To as Advanced. This would be for instances where the client makes a deposit in advance to accruing the cost.
  7. If an agency fee applies, specify this under Agency Fee.
  8. Click Add Deposit

Making a Payment

In the trust account screen, you can zero out the balance by writing checks, or making payments to the client, or attorney. You would add these payments in manually on this page. The steps are as follows:

 

  1. Next to Add: in the drop-down list select payment.
  2. Under Date today’s date will automatically appear. You can override this by typing in the appropriate date.
  3. Under Description, select or add a description that indicates the purpose of the payment such as “Client Remittance.”
  4. If you plan on printing the check at this time, type in the number that appears on the check you will be printing in the Check Num Otherwise you can leave this box blank.
  5. Under Action you can choose to either queue the check to print later, print the check now, or take no action.
  6. Specify the amount that you would like to write the check out for under Amount.
  7. Where it says From choose where you would like the disbursement to come from. So, if all Advanced is to go to the client, you would write a check to the client From
  8. Click Add Payment

Voiding, Editing and Deleting Accounting Actions

You can void , edit , and delete  accounting actions by using these buttons found to the right of the actions appearing in the list.

Accounting Auto Actions

You can set up payment actions to occur automatically when a debtor payment is received by clicking on Settings > Financial Settings > Accounting Auto-Actions.  For more information on accounting auto actions, please see page 149 in the Accounting Auto-Actions chapter.

Print Summary of Trust Account

You can print a summary of the Trust Account by clicking the [Print Summary of Trust Account] button in the upper left hand corner. This statement can be exported or printed to be sent to the appropriate contact. It contains account details, as well as itemized transactions posted to the accounting tab, including deposits and payments made.

 

 

See anything missing or out of date on this page? Please contact Simplicity Support at helpdesk@simplicitycollect.com.