Our tip of the week includes a new feature we rolled out two weeks ago, the ability to have automatic trust replenishment display on an invoice. When you create a Trust account now, you can designate that when the account goes below a certain dollar amount, a replenishment notice will automatically be added to an invoice.
Here’s how you do it.
Under the Payments tab, choose Trust. Find your Client and Matter and then either select an available Trust account or click the plus sign to the right to create a new one.
Creating a new account for a matter does NOT create a new bank acount, only a dedicated area to track funds specific to the matter you’ve chosen.
When you create the new Trust account you can name the account in any fashion, many will chose to call it Trust or Retainer or some other custom title. The valid Bank accounts you have in TimeSolv will be displayed from a drop down list for you to choose.
Now you can enter the appropriate minimum value for replenishment and the value the account should be replenished to. Replenishment values will automatically be added to invoices when the account balance is below the Replenish Below value.
From there, you simply complete the entry as you always have and allocate the funds to invoices.
We should also note that you can create Trust accounts now from the Matter detail page. You may have noticed that there is now a Trust tab at the Matter level where you can create or view Trust accounts and the transactions for that matter.
If you’d like more help learning about Trust accounts in TimeSolv, call us at 1.800.715.1284, email us at firstname.lastname@example.org or schedule a FREE 30-minute support session.
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