The programs in the Trust Accounting module enable you to handle the full cycle of trust accounting transactions from setting up bank accounts and transaction types and entering transactions to issuing statements and printing reports. The following paragraphs provide an overview of the main programs in this module.
Bank Code Maintenance
The bank code maintenance program allows you to assign a 3 character alpha/numeric code to identify different banks with which you maintain accounts. The bank code assigned by this program is also used as part of the bank account code that you will use to identify specific accounts (see Bank Account Maintenance below).
You may also use the bank code to identify specific client accounts. For example: you may maintain different accounts at one bank for 25 different clients. You have the option, depending on which serves your requirements better, to identify the 25 accounts by creating a different bank code for each account or to use the same bank code for all 25 accounts and to sort the accounts by their description field or name field. If you have individual clients for whom you maintain several different accounts or account types you will probably find it advantageous to create a seperate bank code for each client.
Account Type Maintenance
The account code maintenance program allows you to assign a 1 character alpha/numeric code to identify different types of accounts, ie terms, savings, etc. The account type code assigned by this program is also used as part of the bank account code that you will use to identify specific accounts (see Bank Account Maintenance below).
Transaction Type Maintenance
The transaction type maintenance program allows you to assign a 3 character alpha/numeric code to identify diferent types of account transactions, such as: deposit, withdrawal, transfer, balance forward, etc. The transaction type code assigned by this program is used during transaction posting to indicate the type of transaction being posted.
Bank Account Maintenance
The bank account maintenance program allows you to assign a 5 character alpha/numeric code to identify the different bank accounts that you maintain. The code is composed of a 3 character bank code (assigned by the bank code maintenance program) combined with a 1 character account type code (assigned by the account type maintenance program) and a 1 character currency code (assigned by the currency code maintenance program of the A/P module).
The bank account maintenance program allows you to maintain additional information about accounts, such as: a full description, asset and liability G/L codes, etc.
Code Listing
The code listing program allows you to print seperate lists of all codes which you have currently set up by the various code maintenance programs: bank codes, account type codes, transaction type codes and bank account codes.
Trust Transaction Entry
The trust transaction entry program is used to post all transactions to trust accounts. Should a transaction involve a cheque the program updates the cheque reconciliation file. The program requires you to enter a client/matter number, transaction date, bank code, a transaction code and a reference number. It allows for up to two lines of description for each entry.
Trust Transaction Inquiry
The trust transaction inquiry program allows you to inquire by client/matter about all trust account transactions which have occurred regarding that client/matter. You may inquire about specific or all transactions for a client/matter. Once the data is displayed you may print the inquiry results if desired.
Trust Liability Report
The trust liability report program prints a list of client/matters that have trust account(s) and their current balances, broken down by currency and whether the acocunt is pooled or term. The report can be sorted by clients or responsible lawyers.
Trust Detail Report
The trust detail report program prints for a specified period a list of all transactions that occurred for selected client/matter(s) sorted either by bank codes or clients. The report includes subtotals for each bank account for each client/matter as well as matter totals.
Trust Statements
The trust statements program prints statements of trust accounts for each client. The statement indicates for each trust account a balance forward, all transactions for the statement period (typically monthly) and an ending balance.
System Balancing Test
The system balancing test program compares client account and bank account balances and displays an alert message if any descrepancies exist. The system balancing test is part of your month end routine.