How to post a trust receipt
This feature is used to enter funds received in the trust account
Following are the steps to post a trust receipt in LawPractica
- From the left menu, select Trust Transactions
2. Select Trust Receipt
3. A new Trust receipt form will open up
4. Choose the correct Bank from the Bank drop down menu
5. Enter the date of the transaction
6. Select payment type (Cash, Cheque, Credit Card, Bank Draft, EFT, Credit Memo). To create a new payment type, please refer to article how to create payment type
7. System will automatically show the next receipt number. You can also change the receipt number manually
8. Enter the name of the person or bank from whom you received the funds. For example if these are mortgage proceeds, write the name of the bank from which these proceeds were transferred
9. Enter the amount of funds received in the amount section
10. Select client/matter from the drop down menu
11. Reference field is not mandatory but you can use it for any future references
12. Enter an appropriate description (the purpose of the funds) like Retainer or Sale Proceeds or Mortgage Proceeds
13. Trust type is usually Regular Trust but you can change this from the drop down menu to Term Trust for interest bearing funds
14. TAF section – If the TAF is applicable on a particular transaction, select C, if TAF is not applicable, select D and if TAF is covered by the Firm, select F
15. Press Save Receipt. To make changes at this stage, select Undo. If you dont want to post this receipt, select Cancel. After you press the button Save Receipt, a window will pop up “Trust Receipt saved successfully”
16. After you press the button Save Receipt, the receipt will be saved in the bottom section of the trust receipt. Please note that just saving the receipt will not post funds in the trust account
17. After the receipt is saved, click on Post & Close button in order to post the trust receipt. To edit the trust receipt, click on the pencil. To delete the saved receipt, click on the “X”
18. After you click on Post & Close, the trust receipt will be posted in that client file.