LAWS/Pro Trust Accounting
Today's accepted law firm accounting practices encourage all retainers and settlements to be deposited into a
Client Trust Account
- a bank account, managed by the firm,
holding unearned client funds. Funds from multiple clients are deposited within
a single Trust Account.
LAWS/Pro supports a fully integrated Client Trust Accounting system which is designed to accurately track and allocate
Trust balances associated with specific clients or matters.
Trust deposits must be associated with a specific client and may be designated as either a "Retainer",
which will automatically be applied against future invoices, or as a "Non-Retainer", which must be disbursed manually.
Non-Retainers would consist of items such as plaintiff settlements.
The Trust Accounting system coordinates with Client Invoicing. Trust balances, designated as "Retainers"
will automatically be applied against current invoices. The invoiced "Amount Due" will be decreased by the available Trust Funds.
Upon "Posting" the invoices, LAWS/Pro automatically creates all the transactions required to move the Trust funds from the
Trust Account into the firms General Bank Account.
Disbursement Checks may be written from the Client Trust Account to transfer earned income to the firm, or to disburse funds to
authorized payees. Each Trust Disbursement must be allocated to a specific client or matter.
A Trust Ledger
accurately reports trust activity. It allows extensive on-line inquiry
reviewing Trust Account balances by client or matter totals, or detail transactions. The detail activity
will display a beginning balance, along with a detailed history of all deposits and disbursements, yielding an ending trust balance.
Additional features within the Client Trust Accounting system include:
* Total integration with the LAWS/Pro Client Invoicing system,
* Integration with the LAWS/Pro General Ledger system,
* A variety of Trust Check Register formats,
* A variety of Trust Receipt Journal formats,
* Full Bank Reconciliation capabilities for all Trust Accounts,
* Extensive On-Line Inquiry capabilities.
All reporting may be printed via PDF reports or dumped into a CSV file which is able to be opened as an Excel spreadsheet.
The LAWS/Pro Client Trust system can handle all the needs of your law firm in an efficient and productive manner.