Migrating Trust Transactions

Created by Allison Cloyd, Modified on Sun, 22 Jan 2023 at 05:53 PM by Robert Butler

This article explains how to migrate over your trust accounting transactions from a previous legal management practice system. 

 

 

TIP:

We do not recommend that you tackle the trust import - it is available in certain jurisdictions on the Practice Pro and Practice Pro + Accounting products and would allow you to import all your transactions, BUT even if you are eligible to use this feature, it's complexity often causes people to have issues.

We recommend carrying across trust opening balances.

 

 

Trust_Changeover.jpg

 

This process works like this:

  • Pick a date that you want to start recording trust within Actionstep
  • At this selected date, you will stop recording trust transactions in your previous system
  • Pull the figures for your trust account balances as at that date
  • Create these balances as trust receipts in Actionstep


For regulation purposes, you will need to keep a record of trust records for a number of years. This process will allow you to have a full picture of trust history across the two systems. Auditors do not mind that you have records across two platforms, as long as there is a very clear history in both systems, and the closing/opening balances between the two systems match as at a certain date.

 

TIP: You could keep one licence for your previous system and trust records to use as a reference or for auditing purposes until you have fulfilled your length of time obligation to keep trust records.



 

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