How Do I Set Up My Trust Accounts?

Trust Accounts are segregated, separate bank accounts that contain funds belonging to the client and not the firm. You need to have full administrative access in order to turn this feature on.

Please go to Administration / Firm Settings page and click the check-box next to "Allow Trust Account Reporting on Bills". Click "Save".

Once step 1 has been completed, go to Administration / Advanced Setup where a link to Trust Accounts page will appear. Please click on it and specify bank trust accounts that your firm currently has.

Enter the needed information. The description field could be used to enter the actual account number.

Once accounts have been set up and saved, please notice the "Details" link next to each account. If you click on the "Details" link, you can view all unallocated retainers and trust deposit payments entered for individual clients and matters.

You can also view individual client trust totals by choosing the client’s name from Bank Account Sub Totals drop-down. Timesolv will, by default, list trust deposits for all clients.

Furthermore, if you click on "Add Open Credits" the list of all unallocated payments for all clients and matters will appear. This will include all payment types and not just retainers and trust deposits. You can choose to change the type of payment to either Retainer or Trust Deposit. This page is intended to help firms with a large number of existing unallocated payments that need to be associated with a specific trust account.

Simply check the payments you wish to add to the trust account, select the payment type (Retainer or Trust Deposit) and click "Save".

The Payments page has also been enhanced to enable easier tracking of trust payments. When either Retainer or Trust Deposit is chosen as a credit type, the Trust Account dropdown will get displayed with the trust accounts created in step 2 above.

You can also add a new trust account or edit the existing ones from the Payments page by clicking on the "Edit" link next to Trust Account dropdown. Once you click on the "Edit" link, the following familiar window will come up.

Please complete the required information and click "Save" when done.

A new trust account summary section has been added to the Flexible Billing Template (FBT) and is now part of the Statement of Account page. Go to Administration / Flexible Billing Template and scroll down to the Statement of Account section. You can optionally choose to display trust account summary with individual trust account details.

Once the boxes on FBT page have been checked, click "Save" before continuing to preview invoices.

The following is what the Statement of Account section of your invoice will now look like.

Document name: trust_accounts