How Trust Accounting Software Helps Law Firms Comply with Trust Accounting Regulations
Trust account bookkeeping guidelines and regulations vary from one state to another. You can follow set trust accounting guidelines and maintain your accounts manually or with a spreadsheet program. However, just because it is possible does not mean it's the best choice. Manual bookkeeping is time-consuming and prone to human error. Mistakes are difficult to detect and compiling reports is next to impossible. And, all attorneys understand the risks and consequences for trust bookkeeping non-compliance.
Trust Accounting Software for an Array of Legal Practices
Legal trust accounting software is suitable for nearly all areas of practice, including family law, personal injury law, estate planning, criminal law, real estate and bankruptcy etc.
Why Lawyers Choose Easy Trust, Trust Accounting Software
Lawyers prefer Easy Trust, trust accounting software because the program provides an accurate bookkeeping system that helps maintain the highest standards of compliance.
Take a look at the list below to see how Easy Trust, trust accouting software(right out of the box) makes your bookkeeping job simple:
- Client details are associated with all trust fund transactions.
- Maintains all funds at the individual client level.
- Associates client accounts with an escrow agent's (responsible attorney) name at the law firm.
- Automatically prevents client ledger card overdrafts
- Automatically prevents duplicate check number entries
- Automatically prevents accidental editing of transactions in closed periods (time frame after bank reconciliation is complete).
- Voided transactions retain reference to the original transaction for easier identification.
- All monthly bank reconciliation statements are kept separate. Like a bank statement, you can print any prior month's reconciled statement, which makes auditing very easy.
- All cleared and outstanding transactions are sequentially numbered.
- Once an account is reconciled for the month, a three-way reconciliation statement is automatic (tying bank balance to book balance and individual ledger balances taking into consideration outstanding transactions).
- All deposits identify source, date, amount and client-matter information. A memo can also be entered.
- All disbursements identify payee, date, amount and client-matter information. You can enter memos and print computerized laser checks.
- Printable monthly trust account control reports identify month, receipts, disbursements and running balance.
- Ledger balance report displays bank cleared and uncleared portions of each individual client.
- Once the ledger is reconciled and has a zero balance, a matter can be "inactivated" to prevent accidental data entry.
- User permission controls include a "view-only" mode.
- One-click Easy Trust data backup.
Stop Trust Account Worries With Trust Accounting Software
Easy Trust, trust accounting software brings order to trust bookkeeping and tightens controls so you don't have to lose sleep worrying about your responsibility to comply with complicated trust account regulations.