Accounts in Law Ruler: Multiple Trust and Operating Account Balances in Cases, and Other Account Types Follow
*This article only applies to the Law Ruler Legal CRM*
Ever wonder how the bank account balances are tracked inside of each case? What if you have multiple Trust and Operating accounts used in Legal CRM? Or what about another account that is used for other expenses such as pre-settlement vendor payments or escrow?
Here are some FAQ (Frequently Asked Questions) and Answers on this topic:
Q: What about other non-trust/operating accounts such as escrow accounts?
> A: Legal CRM case management allows three (3) different types of accounts that are used for different purposes.
- Trust Account - the IOLTA Trust Account should be used for trust deposits, withdrawals, and other transactions. It is best practice to never comingle client and law firm funds in trust accounts.
- Operating Account - The Operating Account of a law firm typically serves as the source for payments made to third-party vendors. It is not appropriate to deposit client funds into an operating account, as such funds should be placed in a designated trust account instead.
- Other Account - Legal CRM includes a third account option known as the Other Account that can be used for pre-settlement vendor payments, credit cards, and other payments to vendors and more. Of note, the Other Account does not affect the case balance and is generally used for bookkeeping purposes only.
- For example, if you want to mark that you paid a vendor before a settlement is disbursed, then you would use the Other Account because it won't affect case balance. Then, when the case is settled, at that time, you will transfer funds from the Trust Account to the Operating Account, and pay any unpaid third-party vendors out of the Operating Account.
Q: If I have multiple Trust and Operating Accounts, which account is used for the Trust Account Balance in the Case page (Financial Details)?
> A: The total balance is displayed for all Trust accounts for transactions related to the current case only.
Q: Which account is used in Legal CRM Invoices/Settlements in the Bank Account Balance and Transaction detail?
> A: All bank accounts for transactions related to the current case will be totaled and displayed.
Legal CRM includes virtual Trust account balance tracking for all Trust transactions in each case in the Financial Details section.
Also, each Invoice and Settlement includes a bank account balance for Trust and Operating accounts for all transactions in the case.
If you're looking to view the trust info on an invoice, it's important to know where to look. To access this information, first open up the invoice in question. Next, scroll down to the bottom of the page and locate the "Client Statement of Account on Invoices" section. From here, select the "Account Summary" option and you should be able to see all relevant trust info associated with the invoice at the bottom of the page under the Account Summary popup. It may take a bit of digging, but by following these steps you should be able to find the information you need.
If you need further assistance, then please contact Legal CRM Support to assist you further.
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