Trust Accounting

The estimated breakdown of trust funds is automatically calculated as you add the purchase price, tax certificates, HOA fees, Condo fees, and other adjustments to your file. With Matter Transactions and the Trust Ledger, you can now confirm when you have received those funds in trust and when you have disbursed those funds and export that information for import into accounting software.

To add a trust transaction to your file:

If you are in a purchase, go to the Cash to Bring action in the Actions menu

If you are in a sale, go to the Net Proceeds action in the Actions menu

If you are in a refinance, to the Net Proceeds action in the Actions menu

In the estimated Cash to Bring or Net Proceeds window, you’ll see the calculated expected trust transactions for your file. To record the receipt of the transaction, click on the transaction. If the transaction has a + symbol, by clicking on that entry you will be able to deposit funds to your trust account. If it has a – symbol by clicking on that entry you will be able to withdraw funds from your trust account.

When you click on the entry, you will be prompted to choose the account. You will need to include the date of the transaction, and if it isn’t auto-populated, the payee(or) for the transaction. By adding the Payment Type (check, bank draft, wire transfer, electronic transfer) and Payment ID, when the trust ledger is exported, that information will all be available for reporting and accounting purposes. When the information is complete, click “Withdraw” or “Deposit” to record the transaction.

Now that they estimated transaction has been deposited, the + or – button will be removed from that item on the Cash to Bring or Net Proceeds window.

To see the Trust Transactions, click the down arrow on the right hand side of the account you’d like to review in the Matter Transactions window.

You can manually add a trust transaction by clicking on either the +Deposit or -Withdrawal in the Matter Transactions window.

To create a Trust Ledger, navigate to the Documents action. 

Click the button labelled “Precedents”. Type “Trust Ledger” in the window and click Trust Ledger.

**NOTE** You are able to continue using Statement of Trust Receipts and Disbursements however this document draws from the automated calculations from Prolegis and will not be based on the actual trust transactions.