How to receipt a recalled Statutory Deposit
Under the legal profession regulations in your jurisdiction, you may be required to have a statutory deposit account at an authorised deposit-taking institution to deposit money with the Law Society/Legal Practice Board. This article covers how to record the recall or decrease of a Statutory Deposit Amount
1. Open the Statutory Deposit Matter
Open the Statutory Account matter that you previously created. If you have not yet set up your Statutory Deposit Account in Migration Manager, please see: How to set up your Statutory Deposit Account
2. Go to the Client/Trust Account Tab
When the matter opens, go to the Accounts tab and then go to the Client Funds tab.
3. Open the New Receipt window.
Click the New CF Receipt button.
The New Client Receipt window will open
4. Confirm the Account being receipted in to
From the Bank Account dropdown, select the Trust Account that the Statutory Deposit will be receipted in to.
5. Enter details of the Law Society / Legal Practice Board
In the Received From panel, add details of Law Society / Legal Practice Board the deposit is being received from.
6. Choose the Payment Type
From the Payment Type dropdown, select the method by which payment of the Statutory Deposit has been received.
7. Recod the Amount Received
In the Total field enter details of the amount that is to be receipted as having been recieved.
8. Record the Matter ID
Click on the Matter ID column and it should auto populate with the matter ID of the Statutory Deposit Account
9. Enter a Description/Reason
In the Reasons column, enter a description/reason for the receipt
10. Record the Amount
Next record the amount of the deposit being made in to the Statutory Deposit Account in the Amount column.
11. Click Save & Close
To record the receipt, click Save & Close.
The deposit will now be recorded on the Client/Trust funds tab.
