About Trust or Client Accounting in Actionstep

Modified on Mon, 21 Apr at 11:31 AM

NOTE: In the UK, trust accounts are called client accounts. Throughout this article, any reference to a trust account also means a client account.

In this article:

Configuration
Navigation
Trust Regulations
Everyday Use

Trust Accounting can be configured on an optional basis within Actionstep. If your firm is not involved in any trust-related activities, it is best to leave this module untouched. When enabling this module, you will see that Actionstep offers a vast number of "plugins" that are tailored for each jurisdiction. If you find that a plugin is not available for the jurisdiction you belong to, please contact Actionstep Support for assistance.

Configuration

Before you start processing any trust transactions, it is imperative that you ensure your configuration is correct. For compliance reasons, records of trust transactions cannot be removed from the system, so it is advised that you consult with an expert if you are unsure of how to do this yourself. Please refer to the articles below for more information on configuring your trust accounts within Actionstep:

Most trust transactions can be processed from any of these workflows:

Click the global Create button and choose any options in the Trust Accounting section. (You may have to click Show all to see a full list of options.)
Click Trust in the global navigation bar and choose any options from the menu.
View the matter and click the Trust account menu icon.

Trust Regulations

Trust accounting regulations are the rules and standards that govern how money held in trust for others must be managed, tracked, and reported. These regulations are designed to ensure that the entrusted funds are protected, properly used, and not co-mingled with personal or business funds.

Please see About Trust Jurisdictions for information on the regional regulations that govern trust administration.

Please wee Trust Reports for a list of reports you can generate for trust accounting.