How to set up your Statutory Deposit Account
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.
To set this up in Migration Manager, so that you can record payments and receipts from this account, you will need to create a new matter that is specifically reserved for the statutory deposit account and specify details of that account in the system preferences.
1. Create a New Matter
Click the New button in the main toolbar to create a new matter for recording details of the Statutory Deposit Account.
2. Add the new Matter details
In the New Matter window, you wil need to set this matter up as a New Client - Sponsor - Business. It is recommended that you also set the Matter ID as a generic number unlike your other matters such as Z9999. In the responsible staff section leave the Staff Members blank but do set an Office for the relevant state if you have offices in different jurisdictions.
3. Click Create
Once you have entered the necessary information click Create.
4. Click No to setting ownership of the matter
Because you have not set any staff members as being responsible for this matter, it will warn you that no one has been given ownership. Click No to move past this warning.
5. Set the Matter Type
On the front cover page of the new matter, set the Category to 'Other' and the Matter Type to 'Statutory Deposit Account'.
6. Create a Payment Code for making the Statutory Deposits
Next, you will need to create a specific payment code for the recording of the deposits.
6.1. Open the Disbursement Codes Schedule.
In the main toolbar click Accounts > Schedules > Disbursement Codes.
The Disbursement Codes window will now appear.
6.2. Click the + button
To create the new code, click the + button.
6.3. Enter Code Details
Set up the code by inserting details of how you want to record a Statutory Deposit. Leave the amount blank as you will be able to record the actual amount each time you record the actual payment on the account. Click Save & Close to finish.
The disbursement code will now show in the Disbursement Codes schedule.
7. Set up System Preferences.
You will now need to set the System Preferences to recognise the Statutory Deposit Account.
7.1. Open the Preferences window
Open up the System Preferences by going to the top toolbar and click Tools > Administrative > Preferences.
7.2. Go to the Accounts Preferences
When the Preferences window opens, go to the Program Level tab, then the Accounts tab and then the Trust Accounting / Time Billing tab.
7.3. Set the Statutory Account
Now set the Statutory Deposit Matter preference to the matter you created earlier using the dropdown.
7.4. Click Save & Close
To finish, click Save & Close to finish setting up the preferences. You have now completed the setup of a Statutory Deposit Account.