Trust account in SwiftlyBooks

Approve a payment

1. Under Payments to approve, check the payee, the client's authority and what the matter holds.
2. Press Approve and pay, or Send it back and say why.

Agree and sign each month

1. Reconcile the trust account in Banking to the month's last day.
2. Check that the Three-way agreement, of the bank statement, the trust cash book and the clients' ledgers, shows Agrees.
3. Press Sign the list, within 30 days of the month's end.

Investments and the year

• Under Investments, money moves in and out only through the trust account.
• Interest on a client's own investment is theirs, on their matter.
• The year gives the accountant each month's figures, the interest, and a comparison on two dates, as a PDF.
• In Zimbabwe:The year is the firm's own financial year.
• In Zambia:The year runs to 31 December, the practice year of the accountant's certificate.

Good to know

• Hard stops: nothing paid above what a matter holds, never to cash or bearer, and no list signed while anything is short.
• Interest on the firm's own trust investments is all owed to the Compensation Fund: the firm keeps none.
• Money held a year without moving is listed, for you to follow up.

Related

• Matters
• Banking
• Legal reports
• Raise a fee note from recorded time