How To Create A Trust / Client Account Transaction?

How To Create A Trust / Client Account Transaction?

Introduction

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
Note: Depending on which country you are based in the terminology may differ between Trust and Client Accounting.

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.








    • Related Articles

    • Trust/Client Account Management Overview

      Overview Law firms are required to operate under guidance from a local authority/bar association in most jurisdictions. As a general principle this requires that law firms deposit funds into a specific account that is separate from a lawyers own ...

    • How Do I Create A Bank Account?

      Introduction In this knowledge base article, we'll guide you through the essential steps of setting up bank accounts within the platform. Bank accounts serve as pivotal components for various financial transactions, including issuing invoices, ...

    • Will Recording a Payment From Trust/Client Account Move The Money In My Bank Account?

      Overview No, recording a payment from Trust/Client Account in Matters.Cloud will not move funds in your bank account. Additional Information When recording Trust/Client Account transactions within Matters.Cloud for example applying a credit / debit ...

    • How To Create A Client?

      Introduction Clients in Matters.Cloud serve as a central point of reference for managing various legal processes, from matters to invoices, receipts, and related contacts. Properly setting up and associating clients with these entities is crucial for ...

    • Law Society Of Alberta - Trust Safety Accounting Upload

      Overview This document provides information on how to generate the Law Society Of Alberta Trust Report(s). This report pulls in all the transaction and balance information from your Matters.Cloud trust account, which can be used to verify compliance ...