Introduction to Trust (Client) accounting

Created by Allison Cloyd, Modified on Tue, 17 Jan 2023 at 09:23 PM by Robert Butler

Acitonstep's trust accounting software helps law firms comply with rules that many legal jurisdictions have in place regarding the accounting of funds held in trust on behlf of a legal client. 

The purpose of the trust features is to record trust transactions (receipts, payments) and then run Trust Reconciliations to ensure your records match what is actually occurring in your trust bank accounts. This information will pull into various trust reporting. Many jurisdictions will audit trust transactions and reports to ensure you are maintaing your trust accounts correctly. 

 

Setting up your trust account

Your trust account should already be set-up by your Certified Consulting Partner when you first implemented your Actionstep system, however if you need to add another account in the future or want to view/change the details of the trust account then it is always good to know where to start. 

 

Navigate to Admin > Trust Accounting click on Choose accounting System 

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As long as your accouting preferences have already been set up you will be taken to this screen. 

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SettingDescription
Regional Settings 

This is where you choose your jurisdiction for your trust accounting, please note that this cannot be changed once selected so please choose carefully. 

More notes on differences between jurisdictions can be found here: Trust Jurisdictions

System AccountsThese are the GL acounts used by Actionstep to keep track of your Trust accounting data. These usually are default system accounts that do not need to be changed. 

 

WARNING: Once you have set up your trust accounting regional setting (or plug-in) this cannot be changed by any user. To change this you need to contact support. 



 

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