Creating Trust Transactions

In this article:

• Creating a Trust Receipt (Trust In)
• Creating a Trust Cheque (Trust Out)

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 if needed.
7. Click Save.