Setting Up a Statutory Deposit Account (AU)

Modified on Fri, 12 Apr 2024 at 03:14 AM

This guide helps you set up a dedicated account in Actionstep to manage your statutory deposits.

What are Statutory Deposits?

Statutory deposits are funds required by law to be held in a separate account by certain types of businesses, often in the legal or real estate sectors. These deposits can serve various purposes, such as guaranteeing client funds or ensuring compliance with regulations.

Create a General Ledger (GL) Account:

  1. Navigate to Accounting > Accounts > Accounts List.
  2. Change the display to Master Accounts.
  3. Click the green plus icon next to Trust Funds.
  4. Enter the following details in the pop-up window: 
    • Account Number: You can choose a unique number for your organization.
    • Account Type: Select Other Assets.
    • Name: Enter a descriptive name, such as "Trust Statutory Deposit."

Link the GL Account to the System Account:

  1. Go to Admin > Trust Accounting > System Accounts.
  2. Find the Statutory Deposit entry and click the hamburger menu (three horizontal lines) next to it.
  3. Select Edit.
  4. From the GL Account dropdown menu, choose the account you have just created
  5. Click Save.

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