Trust Receipts

Created by Allison Cloyd, Modified on Mon, 14 Nov 2022 at 01:01 AM by Allison Cloyd

In this article, you will learn how to record trust receipts within Actionstep.

Creating a trust receipt

There are several ways to receipt funds to a trust account to allow for quick depositing depending on what area of Actionstep you are in when you need to receive funds. 

One way is to

Global Create

To receipt funds into the trust account, click on the 'Global Create Button' click on 'Show all... ' (if required), and then select 'Receive Funds' from under the 'Trust Accounting' heading.

 

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Trust Menu

Alternatively, you can click on the Trust Menu in the main menu and select receipts, and then receive funds. 

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Receive Funds List 

Alternatively, go to the Trust Menu in the main menu and click on Receipts > Received Funds List this will give you a list of all trust receipts then click on Receive Funds in the top right-hand corner. 

 

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Within a Matter

In the trust accounting menu within a matter either hover on the trust accounting menu until you see the receive funds option or click on either the trust accounting menu and then click on receive funds on the left.

 

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Processing a Trust Receipt

 

WARNING: Your receive funds may differ from the below depending on your jurisdiction plug-in and the regulations in relation to your jurisdiction. For more information on these differences across jursidictions please go to Broken Link Article

 

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Title  Description
Matter

You need to select the matter ID to which you would like to deposit the trust account funds. 

NOTE: If you are receiving funds from within the matter or are in the matter when selecting the global create-receipt trust funds this will automatically populate. 

 

Trust Account

You need to select the trust account to which the funds are to be deposited. 

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TIP: If a trust account has not yet been created you can create a new one by selecting + Create New from the drop down. For more information: Broken Link Article

 

Matter Details

Once you have selected the matter and trust account you will see the following information. 

deposit.png

The Matter ID and Matter Name, the available trust balance. You can then enter the amount you want to deposit. 

Split Funds

You will also see a tick box that you can select if you want to split funds across matters with the same client. If you tick this box you will see a list of matters that have the same client and you can pick and choose where to distribute the deposited amount. 

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NOTE: You can use a different reason for payment against each matter if required

 

Total Amount Received This auto-generated from the amount entered in the Matter details step above. 
Date Banked ???
Reason for payment

This is a dropdown where you can select a reason for the trust payment into your trust account. If the reason is not available you can enter a new one by selecting other and typing it in. Otherwise, if you will need to use it again you can create a new template so that you can then choose it from the drop down list. 

 

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Received from

This is where you enter how has paid the trust monies into the trust account. You can select any party from the matter, or another contact record in your Actionstep system or type the name of the person (if they are not a contact record). 

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Received from address

This is automatically populated from the contact record where that information is stored in Actionstep. 

Payment Method

The payment method options will open up new fields depending on your selection. These are for internal purposes and can be used to cross-reference against physical receipts if your auditors request to see them. 

 

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You can then use the File to upload any files against the deposit for example the engagement letter or trust request. 

Once you have entered all the information you can then select the green "Save" button to save the trust receipt. 

 

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You can then view the trust receipt, print the trust receipt, or email the trust receipt. You can also create another receipt if entering multiple receipts. 

 

If you are finished click ok.