How do I process a Receipt using the Practice Trust account?

Entering a Trust receipt

To enter a trust receipt 

1. From the Main Menu select > Practice
2. Double click on the Selected Practice

The practice form appears.

3. From the Toolbar Select Transactions > Receive Payment. 

The Receipt entry form appears. 

Note:

By selecting a job from the job drop-down the Coding section will be populated with the chart of accounts for that job. Any entries entered in the trust account are automatically allocated to the job and will report on the job's receipts and payments.

The screen shot shows the entry appearing directly in the job.

This is the same when making payments using Transactions > Make Payment from the Practice.

It is common to receive funds (contributions) for a job prior to being appointment and have those funds deposited into the Practice trust account. In these circumstances you would not allocate the receipt to the job. You would use an account specified for the Trust account.

If you do not allocate the receipts to a job then do not allocate the payment of the funds out of the Trust account to a job. You will need to make a separate deposit entry in the job coding it to what the funds were originally received for. eg contributions.

Reconciliations

Reconciliations should be done from the Practice through the Trust Account.

From the Practice Financials > Trust Accounts tab, double-click on the account to be reconciled.

Select "Reconcile" from the Task bar and reconcile the account as usual.

When you view the trust account entries in the job you will notice the entries will be reconciled.

Paying Accounts Payable through the trust account

See attached article

Paying Accounts Payable through the Trust Account