You are here:
< Back

The Accounting tab, also referred to as the Trust Account, can be used very much like a checkbook register. When a payment is made by a debtor and recorded on the Financials tab, it is automatically recorded as a deposit on the Accounting tab (referring to a deposit into your company’s possession, or the receiving of money).

This deposit results in an increasing current balance on the Accounting tab. If you wish to zero out the balance and show that you have used the money collected to pay back items like:

  • An original client in the case of 3rd party collections
  • Pay your own agency a set percentage
  • Pay another 3rd party such as an attorney
  • Advance money for other costs/fees

You can do so by making payments on the Accounting tab (showing that your company is now paying out to these other entities, and decreases the current balance).

In the above example, we see a payment of $10.00 was received on 8/6/2018. This payment was posted on the Financials tab of the account. Based on the allocation and disbursement settings for that payment, the Agency is supposed to receive (or keep) $5.00, and the Client is supposed to receive (or be remitted) $5.00.

To show this on the Accounting tab, we see two accounting payments (checks) were queued to be printed. The first is for $5.00 to the Client to pay off the remittance amount, and the second is for $5.00 that belongs to the agency. This second payment (check) does not necessarily have to be posted, however some companies may wish to “zero out” the accounting to show where all the money went to.

NOTE: Depending on your company, you may find you have no need for this type of accounting, or that another 3rd party program works better for your outgoing and incoming money. If you have questions, feel free to contact our support desk for assistance.

 

Making a Deposit

As mentioned above, posting any payment-type transaction on the Financials tab will automatically show a deposit on the Accounting tab. However, should you need to record a deposit here only, you can do so with the following steps:

  1. At the bottom of the screen next to Add, choose deposit from the drop-down list.
  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 deposit (ex: Client Advanced payment for costs).
  4. If the deposit involved a check, you can specify the number on the check for your reference. Otherwise, you can leave this box blank.
  5. In the box Amount, specify the amount that the deposit is being made for.
  6. Where it says To, choose what you would like the deposit to be applied to (ex: if the Client paid you an Advanced deposit for costs, specify the To as “Advanced”).
  7. Agency Fee refers to any money being paid to your company in addition to the total specified in the Amount box. These will be automatically added together for a total deposit amount.
  8. Click Add Deposit. This will increase the amount shown in the Current Balance box.

Making a Payment

You can decrease or zero out the Current Balance by posting payments on the Accounting tab. These payments are checks written to the Client, to an attorney, to other branches of your company, and so on:

  1. At the bottom of the screen next to Add, choose payment from the drop-down list.
  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 (ex: Client Remittance).
  4. If you plan on printing the check immediately, type in the number that appears on the check you will be printing in the Check Num box. 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. In the box Amount, specify the amount that the payment is being made for.
  7. Where it says From, choose where you would like the payment to be taken from (ex: if all Advanced money is to go to the Client, you would write a check from “Advanced”).
  8. 1st Reference Type and 2nd Reference Type are to determine which number fields you would like to populate on the check. This helps refer back to the account once the check is printed. This can be the Account Number, Client Claim Number, or Court Number.
  9. Click Add Payment. This will decrease the amount shown in the Current Balance box.
  10. A pop-up will appear for the check details, to confirm who the check is being made out to. You can select some pre-generated options from the drop-down list or make your own. This needs to be filled out regardless of whether the check is being printed immediately or being queued to print later.

Voiding, Editing and Deleting Accounting Actions

You can void , edit , and delete line items from the Accounting tab at any time. However, certain line items may be tied to a transaction on the Financials tab, and may require you to void, edit, or delete it from there instead.

Accounting Auto Actions

You can set up Accounting payments to post automatically when a payment-type transaction is received on the Financials tab. This can be done by clicking on Settings > Financial Settings > Accounting Auto-Actions.

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 and/or printed to be sent to the appropriate contact.

 

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