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Creating a Firm Receipt or Deposit

The information in this article applies to users using Actionstep Practice Pro + Accounting.

 

NOTE: In this article, firm receipts are also known as firm deposits.

A firm receipt, also known as a firm deposit, is a transaction that involves depositing money into a bank account from an unbilled source. It's different from a client payment, which is money received for a service that was previously invoiced.

 

Creating a New Firm Receipt

You can create a firm receipt in Actionstep Practice Management.

TIP:  You can use a receipt template to more quickly enter the data on the New Firm Receipt window. To do this, as you complete the workflow described below, you can click the Receipt templates icon located at the top-right of the New Firm Receipt window and select the template you want to use.

If the template you want to use isn't listed, first complete the receipt fields you want saved in the template. Then click this icon again and select Or create a new template using the current receipt data. Once created, you can access and use the template to fill in default information.

 

To create a firm receipt:

  1. In Practice Management, click the global Create button and choose Firm Receipt from the Accounting section. (You may need to select Show all to view the complete list of items you can create.) The New Firm Receipt window appears.
  2. Provide the following information: 
    • Deposit to: Select the bank account where the receipt will be deposited. Trust/client account bank accounts will not be displayed.
    • Date: Enter the date that the receipt will be made into your bank account.

    • Received from: Choose the payee/payor or contact that made the payment.

      NOTE:  This drop-down list displays commonly used contacts first (contacts that you use for receipts often), or you can choose from your own firm, Another contact record, or Other. If you choose Another contact record, you will be prompted to choose or create the contact record from those in your system. If you choose Other, you can enter the payee's name.

    • Total amount: This field shows the total amount of the receipt. It is not editable, but it will be updated as you enter the amounts in the list below.
    • Amounts include [tax type]: Select this option if the amount includes sales tax. (This option appears only if you have sales tax set in your system.) Leave this option cleared if the amount is exclusive of sales tax.
    • Receipt no.: This field shows the number for the receipt that Actionstep will generate once you save this record.
    • Payment method: Choose how the payment will be processed. Which option you choose determines which reference field will be displayed below it.
    • Memo: Enter a memo or note for this transaction. Use the Quick-code drop-down list to automatically fill in this field from a pre-set list of memos. (These quick-code options are set by your admin.)
  3. Use the following fields to identify the receipt amounts you want to deposit:

    • Matter (optional): Choose the matter you want to associate this receipt with. This option is useful if you need to monitor your non-billable income against a matter.  

      NOTES: 
      • If you have a firm receipt that is associated with more than one matter, create a separate line for each by clicking Add Row.
      • If the field is filled in (perhaps because you started this workflow while viewing a specific matter) and you want to clear the matter name, click the X within the field.

    • GL Account: Type or select the general ledger account that you would like this item coded to. This must be specified for every line item in your firm receipt. It helps you categorize what type of income this line item is for.
    • [Tax type]: Choose what sales tax rate will be applied to this line item.
    • Description: Enter the description of the line item. If you leave this blank, this field will be populated with the firm receipt's Memo you entered earlier.
    • Amount: Enter the amount for the line item.
  4. Optionally, click Add row to add additional line items and complete the information described in Step 3 again.
  5. If you have supporting documents you want to associate with the transaction, click the Document attachments icon (top-right corner of the window) and browse to and select those files. (Once added, you can click this icon to review them.)
  6. Click Save to save the transaction. (Select Create another if you need to create another transaction immediately after saving this one.)

 

Accessing Your Previous Firm Receipts

Firm receipts are treated as banking transactions, which means you will find them listed with your other bank transactions.

 

To find your firm receipts:

  1. In Practice Management, go to Accounting > Banking. The Banking page appears.
  2. Find your bank account on the left side of the page and click the ellipses icon for it. A list of options appears.

  3. Choose Transactions.

    The Transactions page appears and lists all transactions for the account.

  4. Optionally, click the Filter drop-down list and choose Firm receipt from the Entry Type filter. Then click Submit. This narrows the list of entry types so you can more easily find your firm receipt.

 

Updated