How to setup Migration Manager for Trust Accounting
Migration Manager has two options with regards to trust accounting requirements:
- Enforce Trust Account Requirements: this option should be used if you’re a legal firm and have a trust bank account (as opposed to a migration agent with a client bank account).
- Don’t Enforce Trust Account Requirements: This option should be used if you’re a migration agent.
Migration Manager’s accounts system behaves slightly different depending on the option selected. If trust account requirements are enforced:
- matters must have a matter name, matter type and street address (street1, suburb and/or town, country) before trust account transactions can be recorded.
- cheque numbers must be entered for trust payments and trust to office transfers if the payment type is cheque
- BSB, Account Number and Account Name must be entered for trust payments and trust to office transfers if the payment type is EFT
- trust receipt numbers must be auto generated
- trust receipts, statements and invoices will be slightly different to client receipts, statements and invoices, including using the word "Trust" instead of "Client"
Fully compliant end of month reports and trust/client account bank reconciliations are available regardless of whether trust account requirements are enforced or not.
When trust account requirements are enforced, Migration Manager complies with the detailed list of trust accounting software requirements provided by the New South Wales Law Society.
To specify whether trust account requirements should be enforced:
1. Open the Preferences Form
From the main menu, select Tools, Administrative, Preferences
2. Go to the Trust Accounting/Time Billing tab
In the Preferences form, click on the Accounts tab then the Trust Accounting/Time Billing tab.
3. Specify Whether to Enforce Trust Account Requirements
To enforce trust account requirements, tick Enforce Trust Account Requirements. Click the Save & Exit button