Configuring/Editing Trust Bank Accounts

Created by Allison Cloyd, Modified on Wed, 18 Jan 2023 at 08:55 PM by Kylie Mitchell

In this article, you will learn how to configure trust bank accounts within the admin menu in order to add/edit trust bank accounts, nominate document and email templates, set statement settings and system numbering for items like trust receipts, trust payments and trust transfers. 

Before you can start processing trust transactions, you will need to configure at least one trust current account that transactions can be made to/from. If you have an interest-bearing trust or (IBD trust account) as well, you'll want to follow the same steps listed below to add that account as well. To view the trust accounting admin menu, navigate to Admin >Trust Accounting.

 

Adding a Trust Bank Account


If you have never added a trust bank account before you can click on the + Add Bank Account Number. If you have already added a trust bank account you can click on the + sign to the right. 

 

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This will open the following screen:

 

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Account setupDescription
GL AccountYou'll need to select an active bank account from your Accounts List- by default, your system will come with a GL account for a trust current account.
Account TypeYou can choose between current, investment, controlled and statutory depending on your legal jurisdiction. 
Status
This will determine whether the account is open (transactions can be made to/from it). If you want to close the account, change this field to 'closed' (this means you can no select this trust account for any transactions)

 

Bank Account Description
Bank Contact RecordYou'll need to select the contact record of the banking provider that the trust account was opened under.
Account NumberThe account number of the trust account.
Account NameThe name of the account - eg. Jones Law Trust Current Account.

 

 More information on document templates, email templates, statement settings :


Editing a Trust Bank Account


Whether you are setting up a trust account for the first time or looking to edit additional settings in relation to the trust bank account - you can find the options below. 

Document Templates 

This is where you can nominate different templates associated with the trust account. If you move the Use default templates to off you will see these options. 

 

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You can choose to customise your deposit slips, receipts, payments and statements. 

For more on creating/customising these templates please see here: Document Template


WARNING: Using a non-approved template may cause your firm to be non-compliant. Please ensure any template you use is compliant with your local legislation.

 

 

 Email Templates 

This is where you can nominate different templates associated with the trust account. If you move the Use default templates to off you will see these options.

 

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You can choose to customise the emails associated with your receipts, payments and statements. 

For more on creating/customising these templates please see here: Email Templates

 

Statement Settings 

This is where you can configure the settings used by the multiple statement generator. If you move the Use default templates to off you will see these options.

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TitleDescription
Exclude empty MattersYou can choose to exclude matters for which there have been no transactions within the specified period.
Exclude new mattersYou can choose to exclude new matters where a trust account has been opened but there have been no transactions to the period end. 
Exclude recent statement daysPrevents a statement being generated if a statement was previously generated within the specified number of days.

 

System Numbering

This is where you cna change the numbering assocaited with diffrent trust transactions/ If you move the Use default to off you will see these options. 

 

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If you are migrating from a different system to Actionstep and would like to keep the same numbering in relation to trust receipts, trust payments and transfer numbers then you can set these here. 

 



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