Creating Trust Transactions

In this article:

• Creating a Trust Receipt (Trust In)
• Creating a Trust Cheque (Trust Out)
• Working with Cheque Mgt Options

The Trust (IOLTA) Bank is where your trust checks and receipts are generated. This article will walk through creating trust receipts and trust cheques. 

Creating a Trust Receipt (Trust In)

1. In Legal Accounting, navigate to Add Entry in the main menu, then select the Trust In tab.
2. Fill in the details:
   • Bank Account: Bank account from which the funds will be deposited.
   • Date: Date of the receipt.
   • Amount: Amount of the receipt.
   • Type: Receipt type (e.g., "Check," "Wire"). 
   • Orig. Cheque#: The reference # for the method of payment
   • Receipt Number: The system will automatically populate this field with a unique receipt number.
3. Use the Contact field to choose the client who sent the funds.
4. Optional: Add any relevant notes in the Memo field.
5. Specify the files and clients that the trust funds are for under the Receipt Allocation section.
6. Review Print Receipt (Optional) to indicate if you want to print a receipt for this transaction.
7. Click Save.
   

Creating a Trust Cheque (Trust Out)

1. In Legal Accounting, navigate to Add Entry in the main menu, then select the Trust Out tab.
2. Fill in the details:
   • Bank Account: Bank account from which the funds will be drawn.
   • Date: Date of the cheque.
   • Amount: Amount of the cheque.
   • Payment Type: Select the appropriate payment type (e.g., "Check," "Wire").
   • Reference Number: If applicable, enter the reference number for the transaction.
3. Use the Contact field to select the contact that the cheque is for. If it is for someone not in your system, enter their name in the Payee field.
4. Optional: Add a brief description or note in the Memo field.
5. Specify the files and clients the trust fund is associated with under the Cheque Allocation section.
6. Review and adjust Cheque Mgt, (see Working with Cheque Mgt Options) if needed.
7. Click Save.
   

Working with Cheque Mgt Options

When viewing the Cheque Mgt options, you have several choices for cheque management. Which ones appear for you may be different based on your system configuration. They are:

• Request: Choose this option to submit the cheque for release.
• Request/Print Request: Choose this option to submit the cheque for release and print the request.
• Release/Print: Choose this option to process the cheque and print it. When prompted for a cheque number, make sure it corresponds with the next available preprinted check.
• Release/Print Later (Batch Cheque): Choose this option to process the cheque immediately and save the entry to reflect on the bank balances but to be printed in a batch at a later time.
  1. Please go to Bank Admin > Batch Cheque Print.
  2. Select the Bank Account the "cheque" was written from.
  3. Checkmark the entry or entries you wish to print.
  4. Click Print Now.
     NOTE:  If you don't need to physically print the cheque, it is highly recommended to still choose Print Now instead of Never Print so the image of the cheque is saved in the system. You may simply print it off a blank or spare paper.
• Release/Never Print: Choose this option to process the cheque but not create the image to be printed.