| Chris |
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Reply with quote | #1 |
I've got good news... If you currently use Time59's Invoicing and Accounts Receivable features, you will find that trust accounting won't require much of a change in the way you currently use Time59.
You will still enter payments from clients using the Payment Entry function. The only difference is that for a trust deposit you will specify "Trust Deposit" as the payment type where in the past you might have specified "Check".
All trust deposits will be reflected in the client's A/R balance.
Trust deposits will also be reflected in the four new trust accounting reports.
Trust deposits will not appear on the regular Payment List report until they have been used to pay client invoices.
Trust deposit amounts can be applied to invoices in much the same way that you currently handle unapplied payment amounts in Time59. They can be applied to an invoice as it is being created, or by using the Payment Entry function and selecting the Apply Trust Funds payment type.
Probably the first task in going live with Time59 trust accounting is getting your Time59 trust account balance in balance with your actual trust bank account balance.
You can always see your current Time59 trust account balance by opening the Trust Balance List report. This will display the trust account balance for each client and the overall total trust account balance.
There are three ways you can alter the amounts that appear on this report:
1) Make a trust deposit for a client.
2) Apply trust funds to a client invoice.
3) Use the new Refund Or Modify A Payment function to move an existing payment into the trust account.
Option 3 is especially handy if you have been using Time59's existing A/R functionality to manage your trust account. You now have the ability to take an existing payment, even it has been partially or fully applied to client invoices, and move it into the trust account. You can also move it back out of the trust account if you so choose.
Once you have your trust account in balance with your bank account you can go forward making trust deposits and then applying these funds to invoices as they occur. All trust account activity will automatically appear on the four trust accounting reports. They are easy to understand and information can be displayed by date range, for all clients, a single client, or client groups.
This is just a brief overview to help you get started. For more information, post a question or comment here by clicking on the "reply" link above right, or by contacting Time59 directly.
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