Client/Trust Receipts

Modified on Mon, 12 Aug, 2024 at 4:14 PM

Overview

There are two ways to record a receipt; one from the Client/Trust Cash Account and the other from the matter card.

In this article, including screenshots, you will see the term 'Client/Trust' when referencing either your Client or Trust Account or Journals. This is to account for different terminology for the same functionality across jurisdictions

TABLE OF CONTENTS

Guide Overview
Processing Client/Trust Receipts

Processing Client/Trust Receipts

Client/Trust receipts can be accessed from several menus of the system:

Home menu > Create new (plus) button > Client/Trust Receipt
Home menu > Banking Menu > Client/Trust > Select the relevant Client/Trust Account > New Entry > Receipt
Dashboards > Accountant Dashboard > Client/Trust Cash Account > New Entry> Receipt
Matter > Client/Trust Ledger > Post Receipt

How to record a Receipt from the Cash Account

1. Click on New Entry to the right of the screen and click on Receipt.

2. On the Receipt screen the Received to Account field will pre-populate with the Client/Trust Account you have selected.

3. In the Received From field start typing the entity name and select from the list or select +NEW to create a new entity card, if the entity has not been created previously.

4. Select the Receipt Method from the drop-down list, a screen will appear to enter the relevant banking information, complete the details and select Save in the bottom right of the screen.

5. If required, amend the Posting Date, this is the date the receipt is being recorded. The Original Date is the actual date that the funds were received.

6. Enter a Reason for the receipt. The Memo field can be used for any internal notes – this is not a mandatory field.

7. Add an attachment to the receipt by clicking on the Attach button at the bottom of the screen. A new screen will open. Drag and drop the attachment file in the upload panel available. Click Upload in the bottom right of the screen.

8. Create an allocation for the receipt by selecting the Add allocation button from the top right of the allocation table.

9. In the Allocate to field type the relevant matter number, name or account code the receipt relates to.

10. By default, the Description will populate with the Reason provided to the left and can be amended.

11. If you would like to mark the monies received as protected or Earmarked/Allotment, switch the Earmarked/Allotment toggle to the right by clicking on it, the toggle will turn purple and an Earmarked/Allotment Funds Details screen will appear.

In this article, including screenshots, you will see the term 'Earmarked' or 'Allotment ' when referencing monies that are receipted for an intended purpose. This is to account for different terminology for the same functionality across different jurisdictions. You may also know or refer to this function as protected funds. In this guide / article these terms can be used interchangeably.

12. Enter details in the Payment to and Amount fields. Select Add in the bottom right of the screen.

The allotment details will now appear on the matter card under the Earmarked/Allotments menu, you can have as many funds marked as Earmarked/Allotted as you wish.

13. If additional allocation lines are required, for example if you wish to receipt to multiple matters, select the Add allocation button again. Enter the details in the additional line.

14. The total amount of the receipt will be displayed in the bottom-right of the allocations table and calculate the total value of the receipt from all allocation items.