How To Create A Trust / Client Account Transaction?

How To Create A Trust / Client Account Transaction?

Overview

Matters.Cloud empowers both legal professionals and administrative staff to seamlessly navigate the intricacies of trust and client account transactions. This article serves as a guide, offering step-by-step instructions and best practices, to ensure the secure and efficient handling of financial transactions.

There are three main types of transactions coverd by this article:
  1. Receipts. To records deposits paid into the account, 
  2. Payments. To record any payments out of the account to third parties or back to the original client and
  3. Transfers. To move money to another matter within the system

Creating Trust / Client Account Transactions

Step 1: Select Finance / Trust transactions

Select Finance > Trust transactions (or Client account) from the left hand navigation bar to open the Trust balances page.

Step 2: New Transaction

Create a new transaction by clicking on the New transaction button located in the top right hand corner of the Trust balances page.



Step 3: Enter Transaction Details

Enter in the following information to create a new Transaction:

Field

Notes

Date

The date the transaction occured.

Bank account

The bank account the transaction is associated with.

Note: This will only display bank accounts with a type of Trust / Client account.

Client

The client the transaction is associated with.

Matter

The matter the transaction is associated with.

Method of payment
The method of payment used to transfer the money at the bank.

Type

The type of transaction from the below options:


Receipts. To records deposits paid into the account, 

Payments. To record any payments out of the account to third parties or back to the original client and

Transfers. To move money to another matter within the system
Destination matter
The destination matter associated with the transaction.

Note: This field will only be displayed if the transaction type is Transfer.
Destination bank account
The destination bank account associated with the transaction.

Note: This field will only be displayed if the transaction type is Transfer.
Source / recipient
The source or recipient (if available) associated with the transaction.
Reference
The reference number (if available) associated with the transaction.

Debit

The amount of money paid out of the account.

Note: This field will only be displayed if the transaction type is either Payment or Transfer.
Currency
The currency associated with the Matter. (read only)

Description

A description associated with the transaction to appear on the enquiry and ledger screens.


Step 4: Submit

Click the Submit button located in the bottom right hand corner of the form.
The Trust balances page will then be displayed on screen with the updated balance applied.







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